EU Oil Import Bill Rises 55.8% in Q2 2026
European oil import costs surged 55.8% in Q2 2026 while volume rose just 1.2%, per EU Today.
Key points
- EU oil import value rose 55.8% in Q2 2026 while volume increased only 1.2%.
- The EU recorded its first quarterly goods trade deficit since 2023, totaling €21.8 billion.
- The US supplied 18.8% of EU oil and 63.2% of LNG imports in Q2 2026.
The EU paid 55.8% more for oil in Q2 2026. Physical volume rose only 1.2%. Average monthly imports held at 36.7 million tonnes. This data comes from Eurostat energy trade reports.
Europe faced a direct cost shock without buying more crude. The energy import value jumped 39.3% year-on-year. Weight increased by just 0.4%. Prices, not demand, drove the expense.
Trade Deficit Returns to EU Books
The EU recorded a €21.8 billion goods trade deficit. This was the first quarterly deficit since 2023. The energy product deficit widened significantly during the same period.
Energy deficits grew from €71.3 billion to €101.1 billion. This shift pushed the overall goods account negative. Crude oil costs affected transport and industrial production. The impact spread across multiple economic sectors.
US Becomes Largest Oil Supplier
The United States supplied 18.8% of EU oil imports. Norway provided 14.3% and Kazakhstan 13.4%. This marks a major shift from pre-2022 suppliers. Russia is no longer the primary source.
US LNG accounted for 63.2% of EU imports. Russia held a 17.3% share. Algeria contributed 8.1% to the total. Long-term Russian LNG imports are banned from January 2027. Pipeline imports will phase out later in 2027.
Diversification Does Not Lower Prices
Having more suppliers reduced strategic risk. It did not remove price exposure. Europe still pays global market rates. The cost structure remains vulnerable to external shocks.
Refinery disruptions added further costs to diesel. European gasoil margins reached record levels. Processing capacity issues added a cost layer. The final price for trucks and farms remains high.
