Industry revenue of »manufacture of refined petroleum products« in Romania 2011-2023

Up until a few years ago, Romania was the largest oil producer in Central and Eastern Europe. However, things have not augured well for the industry over the past few years, as the daily capacities of oil refineries has declined from 380 thousand barrels in 2005 to 254 thousand barrels in 2018. Additionally, the number of employees in the crude petroleum and natural gas extraction sector has witnessed a marked decline and so have revenues. The growing environmental constraints have led to a falling demand for refined petroleum products. Additionally, the global slump in oil prices have led to lower export margins and higher production costs. This has not augured well for the sector with revenues projected to decline from 5.1 billion U.S. dollars in 2011 to 1.2 billion U.S. dollars by 2023.

The outbreak of the corona virus has further added to the industry’s woes as many of the production plants have been shut for an indefinite period of time. In fact, the global oil and gas industry is expected to face a 1.8 trillion U.S. dollars loss in 2020, owing to the stalled worldwide operations and the plummeting oil prices.

Industry revenue of »manufacture of refined petroleum products« in Romania from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Romania. The industry “manufacture of refined petroleum products“ has the code “C192“.

Details on the methodology can be found here.

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