Oil and gas imports decline: EU cuts imports by billions of euros

Imports of energy commodities into the EU continue to fall. In the second quarter of this year, member states imported petroleum products and natural gas worth 95 billion euros, with a combined volume of 177,9 million tonnes. Compared with the same period last year, this represents a decline of 10,7 % in value and 9,7 % in volume. The European statistical office Eurostat reported.

According to the published data, the only year-on-year increase was in the value of petroleum product imports, which rose by 5,6 %. The volume of imported petroleum products, however, fell by 2,2 %.

The value of natural gas delivered to EU countries via pipelines fell by 31,4 % year-on-year, according to Eurostat, while the volume of natural gas imported this way dropped by just under 10 %. An even more significant decline was observed in liquefied natural gas (LNG), with its value falling by 41,2 % and volume by 20,2 %.

"Similar trends can be observed when comparing the monthly averages for the second quarter of 2024 with the monthly averages last year," Eurostat said.

Norway and the US remain the main suppliers

The main suppliers of petroleum products to EU countries were, as in the first quarter of 2024, the United States (15,1 %), Norway (14,1 %) and Kazakhstan (11,7 %).

Almost half of the natural gas delivered to the EU via pipelines in the second quarter of 2024 came from Norway (43,5 %). Algeria had the second-largest share (21,6 %), followed by Russia (15,5 %). Russia’s share of gas deliveries therefore fell by almost two percentage points compared with the first quarter of this year.

Russia’s share is also declining in LNG deliveries, falling by around one percentage point quarter-on-quarter. The United States remained the main LNG supplier in the second quarter of 2024, with a 46% share.