The war in Iran and prices: How dependent is Romania on crude oil imports and from which countries does it buy / Three quarters of what is needed comes from outside the country, and a country outside the Gulf gives us the majority
The largest refinery in Saudi Arabia, Ras TAnura of Saudi Aramco, hit by Iranian drones (photo: Profimedia) / Romania imported 11.4 million tons of crude oil last year, but half of this amount came from Kazakhstan. Marginal quantities came from the Gulf.
Even though it is one of the few oil producers in the European Union, Romania also imports fuel in large quantities, according to the data provided by the National Institute of Statistics at the request of HotNews.
On Tuesday morning, a barrel of crude oil was selling for 80 dollars, being the highest price in the last year, according to RADOR. Iran has blocked the Strait of Hormuz, which connects the Gulf to the Indian Ocean. Approximately one fifth of the world's oil supply passes through the Strait of Hormuz, from where the oil of the major producers in the Middle East leaves for Asia, writes RADOR.
Energy Minister Bogdan Ivan claimed on Monday that the estimates that gasoline and diesel will reach 10 lei, following the tensions in the Middle East, are “blatant lies”. Romania has enough fuel stocks for 90 days in case of breakdown and any price increase of more than 3-5 banis per liter at the pump at this moment is not justified, the minister said.
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Domestic production three times lower than imports
Over 77% of the crude oil processed in Romania comes from imports. More precisely, last year, a total of approximately 11.4 million tons of crude oil reached Romanian refineries, according to the INS. Of this amount, Romania's crude oil production represented 2.5 million tons.
However, to cover the domestic consumption of petroleum products, Romania imported over 8.9 million tons of crude oil. That is, Romania imported three times more than it produced.
The total value of imports exceeded 4.15 billion euros.
Kazakhstan, Romania's dominant supplier
The structure of imports indicates a significant concentration on a few key suppliers. Kazakhstan is, by far, Romania's main partner in this field, with 5.4 million tons delivered, worth almost 2.48 billion euros. This means more than 50% of the total value of crude oil imports.
In second place is Azerbaijan, with 1.4 million tons, worth about 715 million euros, followed by Libya, which supplied almost 800,000 tons, for about 390 million euros.
Although Romania also imports crude oil from other countries, the volumes are significantly lower. Relevant suppliers include Guyana (440,000 tonnes, €215 million), Norway (415,000 tonnes, €189 million) and Côte d'Ivoire (205,000 tonnes, €100 million).
Marginal quantities were imported from Turkey (88,000 tonnes), Saudi Arabia (40,000 tonnes) and Ukraine (25,000 tonnes).
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Romania imports diesel and exports gasoline
On the fuel market, Romania appears with large diesel imports, according to the INS figures sent to HotNews. Last year it imported 2.09 million tons of standard diesel, paying 1.31 billion euros. At the same time, it exported 984 thousand tons, worth 631.1 million euros.
Turkey is the main supplier, with approx. 680 thousand tons, worth 423.7 million euros, last year. From Saudi Arabia, the second major supplier, quantities of EUR 280.8 million were brought.
India was another supplier last year, with quantities of 247.4 million euros. Greece is the largest supplier in the EU, with deliveries of 166.4 million euros.
Other suppliers are Kuwait (35 million euros), Israel (38 million euros) and Azerbaijan (20 million euros).
Regarding the export of diesel, the Republic of Moldova is the first destination, absorbing 60% of the quantities (592 thousand tons of 378 million euros). Romania also exported diesel fuel to Ukraine, Bulgaria and Serbia.
On the other hand, Romania exports gasoline, especially to countries in the region. According to INS data, Romania exported 1.76 million tons of standard gasoline (95-98), worth 1.12 billion euros, importing only 77 thousand tons, worth 63 million euros.
The largest exports were made to the Republic of Moldova, in the amount of EUR 221.8 million. It also carried out imports from Romania of 194.3 million euros, Significant volumes reached Georgia & Gibraltar (139 million euros and 239 million euros, respectively).
Bulgaria and Hungary imported gasoline from Romania worth approximately 61 million euros.
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