EU Energy Imports Surge Amid Rising Global Commodity Prices

The European Union's energy import values surged in the second quarter of this year, with a 55.8% increase in petroleum oils imports driving the growth.

Total EU energy imports rose by 39.3% compared to the same period last year, despite stable physical import volumes. Petroleum oils accounted for the largest gain in share among total EU imports, increasing by 3.7 percentage points year-over-year.

The United States remained the primary supplier of petroleum oils to the EU in Q2, with an 18.8% market share, followed by Norway and Kazakhstan. In the LNG segment, the US expanded its dominance to supply 63.2% of total EU imports.