Romania ranks among the least dependent EU countries on oil imports

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Romania ranks among the least dependent EU countries on oil imports

Romania is the third least dependent European Union member state on oil imports as it is still covering a large share of consumption from domestic output.

According to Eurostat, the EU member state with the highest oil import dependency rate in 2017 was Estonia (115 percent).

At the other end of the scale, the dependency rate for Romania was 61 percent, for the United Kingdom was 35 percent and -4 percent for Denmark.

In 2017 EU relied on net imports for 87 percent of its oil consumption. This ratio, known as the oil import dependency rate, is unchanged from 2016 and two percentage points below the peak of 89 percent recorded in 2015.

In 18 EU member states, the levels of net oil imports were close to their oil consumption levels, with dependency rates lying between 96 percent and 104 percent.

Dependency rates above 100 percent indicate a build-up of oil stocks, while negative dependency rates indicate a net exporting country.

The post Romania ranks among the least dependent EU countries on oil imports appeared first on Business Review.

Romania ranks among the least dependent EU countries on oil imports

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