A Shrink in Europe's Petroleum and Liquefied Gas Imports: Breakdown and Key Players
EU's energy product imports valued at an impressive EUR 375.9 billion, encompassing oil and coal.
Europe's energy product imports market, worth approximately 375.9 billion euros by 2024, is predicted to see a contraction compared to the previous year. Eurostat reports this shift, with a decrease in value (-16.2%) and net mass (-7.1%) between 2024 and 2023.
A Dip in Petroleum and Oil Imports
The report shows a decrease in the value of imported petroleum oils (-4.7%) and in the volume of imports (-2.4%). Additionally, liquefied gas imports have experienced a significant drop in value (-39.1%) and volume (-15.1%) compared to 2023. Similar trends are observed for natural gas in its gaseous state, with a decrease of 30.2% in value and 4.4% in volume.
The EU's Major Partners
In 2024, the EU's key partners for petroleum imports will reportedly be the USA (16.1%), followed by Norway (13.5%) and Kazakhstan (11.5%).
As for liquefied natural gas (LNG), the United States is expected to provide almost half (45.3%) of Europe's imports, surpassing Russia (17.5%) and Algeria (10.7%). Notably, a significant part of the natural gas in its gaseous state comes from Norway (45.6%). Algeria follows with 19.3%, ahead of Russia with 16.6%.
contextualizing the data:
While the exact figures for the decline in overall petroleum and LNG imports are not specified, it is known that the EU has been significantly reducing its oil imports from Russia. In 2024, Russian oil imports are projected to drop to 3% from 27% at the beginning of 2022[3].
European LNG imports from the United States declined by 19% in 2024 compared to 2023[1], but the overall trend for LNG imports from all sources remains unclear. The EU is working to diversify its energy partners and sources, indicating countries like the United States, Norway, and others may play more significant roles.
The U.S. is a leading supplier of LNG to Europe[4], with Norway, Qatar, and Algeria also contributing significantly to the continent's energy mix. As tensions with Russia escalate, the EU's reliance on Russian oil decreases, and the energy market continues to evolve, it will be essential to monitor changes in energy imports, values, and partnerships.
The reported decrease in the value and volume of liquefied gas imports, along with the diminishing import of petroleum oils, suggests a decline in Europe's dependency on these energy sources. In the context of shifting energy partnerships, the United States is poised to increase its share of liquefied natural gas imports, potentially surpassing traditional suppliers like Russia and Algeria.
