EU Oil Import Value Rises 56 Percent as Volume Holds Steady in Q2 2026

Eurostat data points to a sharp increase in import costs while physical oil volumes changed only slightly

The value of European Union petroleum-oil imports climbed 55.8 percent in the second quarter of 2026, even as physical volumes remained broadly stable, according to Eurostat. The gap between spending and tonnage highlights how sharply the cost of imported energy can move without a comparable change in demand.

Oil Import Spending Rises Faster Than Volume

Eurostat reported that the EU imported an average of 36.7 million tonnes of petroleum oil during the quarter. That was 1.2 percent above the monthly average recorded in 2025, while the value of those imports was 55.8 percent higher.

The figures do not represent a simple year-on-year comparison with the second quarter of 2025. Eurostat measured the second-quarter 2026 results against the monthly average for the whole of 2025, an important distinction when interpreting the scale of the increase.

Because import value rose far more quickly than tonnage, the data suggest that price movements and possibly changes in the mix of crude purchased accounted for most of the additional spending. Eurostat's release does not isolate the exact contribution of each factor, so the figures should not be read as evidence of a 56 percent increase in oil consumption.

EU Energy Import Changes in Q2 2026

United States Norway and Kazakhstan Lead Oil Supply

The United States was the EU's largest petroleum-oil supplier in the second quarter, accounting for 18.8 percent of imports. Norway supplied 14.3 percent and Kazakhstan provided 13.4 percent. The ranking shows that the EU continued to draw crude from a diversified group of major partners, with no single supplier approaching a majority share.

The United States was even more dominant in liquefied natural gas, providing 63.2 percent of the EU's LNG imports. Russia accounted for 17.3 percent and Algeria for 8.1 percent.

For natural gas delivered in gaseous form, Norway remained the leading supplier with a 51.2 percent share. Algeria followed with 18.2 percent, while the United Kingdom moved into third place with 11.1 percent, ahead of Russia at 10.2 percent.

Why the Figures Matter

A rise in import spending without a similar increase in volume can affect the EU economy through several channels. Higher energy-import costs can weigh on the trade balance, raise operating costs for energy-intensive businesses and influence inflation if elevated wholesale prices pass through to transport, manufacturing or household bills.

The relatively stable oil volume also suggests that the headline increase was primarily a cost story rather than a surge in physical demand. For policymakers and businesses, that distinction matters because it shifts attention toward price exposure, procurement strategies and supply security.

At the same time, supplier shares show that the EU's energy trade remains closely tied to the United States and Norway. The United States led both petroleum-oil and LNG supply, while Norway dominated pipeline and other gaseous natural-gas imports.

Methodology and Context

Eurostat's energy-products analysis covers petroleum oils and natural gas using EU Combined Nomenclature trade categories. The figures are based on Comext trade data and Eurostat estimates. Percentage changes in value and volume compare the second quarter of 2026 with the monthly average in 2025.

The data offer a snapshot of import costs, quantities and supplier shares. They do not, on their own, determine how much of the value increase came from benchmark oil prices, freight costs, exchange-rate movements or changes in product quality and composition.