EU Oil Import Bill Jumps 55.8% as Volumes Hold Steady

The European Union's spending on imported petroleum oil saw a significant jump in the second quarter of 2026, according to Eurostat. The value of those imports rose 55.8 percent, while volumes edged up only 1.2 percent to an average of 36.7 million tonnes.

The pattern of higher value against broadly flat volumes was not uniform across all fuels. Liquefied natural gas import value grew 4.1 percent despite a 5.6 percent decline in volumes. Natural gas in gaseous form, however, recorded gains on both measures with a 18.5 percent increase in value and a 3.4 percent rise in volume.

The United States remained the largest single source of the EU's petroleum oil imports, accounting for an 18.8 percent share. Norway followed at 14.3 percent and Kazakhstan at 13.4 percent. In liquefied natural gas, the United States held a dominant position with 63.2 percent of supplies.