Bucharest is 7 hours ahead of Panama City
Best overlap: 8:00 AM to 11:00 AM in Panama City is 3:00 PM to 6:00 PM in Bucharest.
If you set up a recurring sync, 8:00 AM to 11:00 AM in Panama City (3:00 PM to 6:00 PM in Bucharest) is the natural home for it. With 3 hours of overlap, 8:00 AM in Panama City (3:00 PM in Bucharest) is a comfortable, repeatable slot for both sides. These times hold for most of the year, but Bucharest's daylight saving (which Panama City doesn't use) shifts them by an hour twice annually.