EU Oil Imports & Consumption Statistics for 2023-24

The European Union (EU) is a major player in the global oil trade market, with huge imports to meet its strong needs. The EU relies heavily on its oil imports in its financial system, with a large share of its oil consumption coming from critical resources. According to the latest statistics, EU oil imports have been valued at $349.58 billion in 2023 with a 25% share value in worldwide oil imports and total consumption of 479.6 million tons in quantity. EU imported oil worth $44.85 billion in the first quarter of 2024. The Russian invasion of Ukraine has led to a big shift in the supply of crude oil purchased by the European Union. This significant dependency on imports highlights the EU's vulnerability to fluctuations in global oil costs and supply disruptions. The HS code for crude oil is 2709. 

Key highlights of the EU's oil imports

• EU oil imports totaled $349.58 billion in 2023 with a 25% market share.
• EU’s oil imports accounted for a total of $44.85 billion in 2024 Q1. 
• The EU's crude oil production dropped further, setting a new low in 2023.
• The amount of jet kerosene consumed in 2023 jumped by 32.5% over 2022.
• EU oil imports decreased by $65.55 billion in 2023 from the previous year.
• The US is the biggest supplier and exporter of oil to the EU worth $57.02 billion in 2023. 
• The Netherlands is the biggest oil importer in the EU with imports at $55.08 billion in 2023.
• In 2023, there was a 2.8% decline in volume and a 17.2% decrease in the value of imports due to the drop in petroleum oil prices. 
• Petroleum oils saw price increases in 2023 as well: in comparison to 2022, the EU imported 7.7% more petroleum products at a value rise of 71.2%.

EU imports oil from which countries in FY23?

The EU imports the most oil from the USA worth $57.02 billion in 2023. The top countries from which the EU oil imports are the most include:

1. USA: $57.02 billion
2. Norway: $52.09 billion
3. Kazakhstan: $27.41 billion
4. Libya: $24.25 billion
5. Saudi Arabia: $22.06 billion
6. Netherlands: $21.94 billion
7. Nigeria: $21.01 billion
8. Iraq: $19.87 billion
9. United Kingdom: $14.97 billion
10. Azerbaijan: $13.69 billion

Who are the top 10 biggest oil importers in the EU?

Global oil imports accounted for $1.35 trillion in 2023, out of which the EU oil imports had a total value of $349.58 billion. The Netherlands is the biggest oil importer in the EU with total imports worth $55.08 billion in 2023 with a 4.1% share value. Germany is the EU’s biggest oil importer in 2024 Q1 with imports worth $12.52 billion and a 27.9% share value. Regarding oil imports, the EU sources its supply from diverse countries. Russia, Norway, and the United Kingdom are among the top oil suppliers to the EU, accounting for a significant portion of the total imports. Additionally, countries in the Middle East, such as Saudi Arabia and Iraq, also play a crucial role in meeting the EU's oil demand. The biggest EU oil importer countries in 2023 include:

1. Netherlands: $55.08 billion (4.1%) 

The Netherlands is one of the largest importers of oil in the EU, with a well-developed infrastructure for oil storage and distribution. The Netherlands imports the most oil from the USA worth $13.25 billion in 2023. The Netherlands oil imports declined by 6% in 2023 from the previous year. 

2. Germany: $45.53 billion (3.4%) 

As one of the largest economies in Europe, Germany is a major importer of oil to meet its industrial and transportation needs. Germany imports the most oil from the USA worth $8.58 billion in 2023. Germany’s oil imports declined by 28% in 2023 from the previous year.

3. Italy: $38.40 billion (2.8%) 

Italy is another major oil importer in the EU, with a high demand for oil to fuel its diverse industries. Italy imports the most oil from Azerbaijan worth $7.39 billion in 2023. Italy’s oil imports declined by 15% in 2023 from the previous year.

4. Spain: $37.24 billion (2.7%) 

Spain relies heavily on imported oil to meet its energy needs, with a robust transportation sector and a growing industrial base. Spain imported the most oil from the USA worth $5.85 billion in 2023. Spain’s oil imports declined by 22% in 2023 from the previous year.

5. United Kingdom: $32.47 billion (2.4%) 

The United Kingdom is a significant importer of oil, with a well-developed oil refining industry. The UK oil imports were mostly from Norway worth $13.66 billion in 2023. The UK’s oil imports declined by 18% from the previous year. 

6. France: $31.26 billion (2.3%) 

France is a major importer of oil, with a diverse economy that relies on oil for transportation and energy production. France imports the most oil from the USA worth $6.10 billion in 2023. Oil imports by France declined by 10% in 2023 from the previous year.

7. Belgium: $23.12 billion (1.7%) 

Belgium is a key importer of oil in the EU, with a well-connected transportation network and a strong industrial base. Belgium exported the most oil from the Netherlands worth $21.66 billion in 2023. Belgium’s oil imports declined by 8% in 2023 from the previous year.

8. Poland: $15.34 billion (1.1%) 

Poland is a significant importer of oil, with a growing economy and a strong demand for oil to fuel its industries. Poland imports the most oil from Saudi Arabia worth $7.04 billion in 2023. Poland’s oil imports declined by 8% in 2023 from the previous year.

9. Greece: $13.85 billion (1%) 

Greece relies heavily on imported oil to meet its energy needs, with a strong demand for oil to fuel its transportation sector. Greece imports the most oil from Iraq worth $5.18 billion in 2023. Oil imports by Greece declined by 12% in 2023 from the previous year. 

10. Sweden: $11.27 billion (0.8%) 

Sweden is a key importer of oil in the EU, with a strong emphasis on renewable energy sources. Sweden imports the most oil from Norway worth $6.81 billion in 2023. Sweden’s oil imports declined by 25% in 2023 from the previous year.

What are the top 5 oil products imported by the EU?

The European Union imports diverse sorts of oil to fulfill its energy needs. Some of the key varieties of oil imported by the EU encompass crude oil, refined petroleum products which include gas, diesel, and jet fuel, as well as different specialty oils like palm oil and soybean oil for meals and business functions. These oil imports play an essential position in assisting the EU's financial system and ensuring a strong energy delivery for its member states. The top 5 oil import products of the EU include:

• Crude Oil (HS Code 2709)
• Refined petroleum oil  (HS Code 2710)
• Biofuels (HS code 3826)
• Gasoline  (HS Code 2710)
• Diesel and Jet fuel (HS Code 27109)

EU oil Imports by quantity and consumption

The EU oil imports had a total volume of 479.6 million metric tons in 2023. Among the EU countries, the Netherlands imported the most oil valued at 86.07 billion metric tons in 2023. Each country provides different amounts of crude oil and refined products, contributing to the EU's energy security and economy. These imports are vital for meeting the EU's demand for energy and fueling various industries across member states. The top oil importers in the EU by quantity include:

1. Netherlands: 86.07 million metric tons
2. Germany: 71.92 million metric tons
3. United Kingdom: 50.41 million metric tons
4. France: 48.23 million metric tons
5. Belgium: 35.29 million metric tons
6. Poland: 25 million metric tons
7. Greece: 22.78 million metric tons
8. Sweden: 17.23 million metric tons
9. Finland: 10.49 million metric tons
10. Portugal: 9.42 million metric tons

How did the US become the EU's biggest oil supplier by overtaking Russia?

• The European Union is currently importing most of its crude oil supply from the United States. 
• EU’s oil imports from the US accounted for $57.02 billion in 2023.
• According to the latest our latest stats, the United States accounted for 18% of the bloc's crude imports in December 2023. 
• That is a significant change. Until the end of January 2023, Russia accounted for up to 31% of all imports, making it the bloc's leading crude supplier. 
• With a maximum share of 13%, the US trailed far behind. However, the invasion of Ukraine by Moscow in February of last year disrupted the energy supplies of Europe.
• By the end of the year, Russia's proportion of natural gas and oil imports into Europe had dropped from 31% in the first quarter of 2023 to around 19%. 
• As a result, the US is now the largest oil supplier to the EU with about 20% market share, surpassing Russia. 

EU oil imports & consumption in the last 10 years

Who are the major Oil Importing Companies in the EU?

With a combined revenue share of about one-third, Rosneft and Lukoil are the corporations that profit most from EU crude oil imports. Together, Saudi Aramco and Statoil account for another 20%. In total, eighty percent of EU oil imports come from non-European corporations. Geographically speaking, two of the top ten companies are situated in the United Kingdom, four of them are based in Russia, and the other companies are based in France, Italy, Norway, and Spain. The major EU oil importing companies in 2023 include:

• Rosneft Oil Co. (Russia)
• Lukoil Oil Co. (Russia)
• Total Energies SE. (France)
• Shell plc. (United Kingdom)
• BP Plc. (United Kingdom)
• Eni SPA. (Italy)
• Equinor ASA. (Norway)
• Repsol SA. (Spain)

Factors Influencing EU Oil Imports and Consumption

Several factors drive the trends in EU oil imports and consumption:

• One key factor is economic growth, as higher economic activity typically leads to increased oil consumption. 
• Geopolitical events, such as conflicts in oil-producing regions or trade disputes, can also impact the EU's oil supply and prices. 
• Additionally, policies and regulations aimed at reducing greenhouse gas emissions and promoting renewable energy sources can influence the demand for oil in the EU.

Future Outlook for EU Oil Imports

Looking ahead, the EU faces challenges in balancing its strength needs with environmental and sustainability dreams. As the EU goals to obtain carbon neutrality by 2050, reducing its reliance on oil could be a key focus area. This shift toward cleaner power sources, combined with efforts to enhance electricity performance and sell sustainable practices, will probably impact future developments in EU oil imports and intake.

Conclusion

In conclusion, the EU's oil import statistics, consumption, and intake tendencies are closely connected to international marketplace dynamics, economic elements, and coverage choices. By monitoring these trends and adapting to changing circumstances, the EU can navigate the complexities of the oil marketplace while advancing toward a more sustainable electricity destiny.

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