SEE Oil Output Flat, Consumption Down14 Nov 2011 • by Natalie Aster
According to the report “SEE Oil Output Flat, Consumption Downby SeeNews, in 2010, total oil production in Southeast Europe (SEE) was 158,270 barrels per day (bbl/d), almost flat compared to the previous year, when the countries’ output totaled 157,089 bbl/d. Romania remained the top crude oil producer in SEE. Its output of 107,056 bbl/d was larger than the combined output of the rest of the SEE countries. The two leading producers in the region - Romania and Croatia, recorded annual declines of 5.0% and 4.0%, respectively, while Albania more than doubled its output to 10,926 bbl/d. In 2010 the country’s production exceeded its domestic needs, making Albania the sole net exporter of crude oil in SEE, according to data of the Croatian-based Energy Institute Hrvoje Pozar (EIHP).
EIHP forecasts show that crude oil production in SEE, excluding Romania, Bulgaria and Slovenia, will almost double to 3.88 million tonnes in 2015, driven by sharp rises in Albania and Serbia. However, the depletion of oil stock over the following five years will reduce the production in the region by 12% to 3.43 million tonnes in 2020.
Consumption of crude oil is expected to continue its steady rise, which will lead to a significant increase of imports to 14.68 million tonnes in 2020 from 8.62 million tonnes in 2010 and the risk of even greater dependency of the region on imported oil. EIHP expects that imports of crude oil in Croatia, Serbia, Bosnia and Herzegovina and Macedonia will go up by 35% in 2015 and by another 26% in 2020.
SEE Oil Output Flat, Consumption Down
Published: October 2011
Price: US$ 630.00
Fuel prices in SEE
Almost all of the countries in SEE saw a growth in fuel prices last year, prompted by rising crude oil prices. At the beginning of the year, the price of a barrel of crude oil was traded on international markets at an average of 55 euro, while at the year’s end, the price was up to 70 euro per barrel. Crude oil prices were mainly buoyed by expectations for an economic recovery.
Among the other factors for the increase in fuel prices in SEE were higher taxes imposed by the governments to cushion budget deficits and fluctuations in currency exchange rates. For instance, Romania’s government raised the Value Added Tax rate to 24% from 19% as of July 1, 2010 as part of a wider austerity package drafted together with the International Monetary Fund and aimed at curbing the country’s widening budget deficit.
The SEE countries that reported the highest annual growth in fuel prices were those that enjoyed the lowest fuel prices in the run-up to the global economic turndown. Romania and Bosnia and Herzegovina were the countries to report the sharpest increase in fuel prices, with diesel fuel marking an annual growth of more than 25%. In Bosnia and Herzegovina, unlike most of the countries in the region, the prices of petrol are not regulated.
The average fuel prices in SEE remained lower than the EU average in 2010. Generally, the highest fuel prices were reported in Slovenia, while filling up was cheapest in Bosnia and Herzegovina. The higher price levels in Slovenia were reflected in the country’s average annual liquid fuels consumer price index which stood at 128.9 in 2010 compared to 70.9 in 2009.
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