EU Petroleum Oil Import Costs Rise Sharply in Second Quarter of 2026

The value of European Union petroleum oil imports increased sharply in the second quarter of 2026, while the volume of oil imported by the bloc remained broadly stable, according to Eurostat data.

The value of EU petroleum oil imports increased by 55.8% in the second quarter of 2026 compared with the monthly average recorded in 2025. At the same time, import volumes reached 36.7 million tonnes, representing an increase of 1.2% against the 2025 monthly average. The figures indicate that the increase in the value of imports was substantially larger than the change in the quantity of oil entering the EU.

The development formed part of a broader increase in the value of EU energy imports during the quarter. The value of energy-product imports increased by 39.3% compared with the second quarter of 2025, while net mass increased by only 0.4%. Eurostat attributed the difference primarily to higher prices.

Petroleum oils accounted for the largest increase among the energy products covered by the Eurostat analysis. The share of petroleum oils in total EU imports increased by 3.7 percentage points between the second quarters of 2025 and 2026. Overall, energy products accounted for a larger share of EU imports in the second quarter of 2026 than during the corresponding period of the previous year.

The latest figures contrast with the longer-term decline recorded after the energy-price peak of 2022. The monthly average value of EU petroleum oil imports reached €27.6 billion in 2022 before falling to €17.7 billion in 2025. Over the same period, the monthly average volume declined from 39.8 million tonnes to 36.3 million tonnes.

The second quarter of 2026 therefore represented a substantial increase in the value of petroleum oil imports compared with the preceding annual trend, despite only a limited increase in the quantity imported.

The composition of the EU's petroleum oil suppliers also continued to reflect the changes in international energy trade that have taken place since 2022. The United States was the bloc's largest supplier during the second quarter, accounting for 18.8% of petroleum oil imports. Norway supplied 14.3%, while Kazakhstan accounted for 13.4%.

The distribution of suppliers differs from the structure that existed before Russia's invasion of Ukraine. EU restrictions on Russian energy imports, including the ban on seaborne imports of Russian crude oil that entered into force in December 2022 and the subsequent restrictions on refined petroleum products, contributed to a substantial reorganisation of the bloc's energy supply.

Russia was no longer among the EU's seven largest petroleum-oil suppliers in the second quarter of 2026. The United States, Norway and Kazakhstan occupied the leading positions in the latest data.

Natural gas imports also recorded increases during the quarter, although the developments differed between liquefied natural gas and gas delivered in gaseous form.

The value of EU liquefied natural gas imports increased by 4.1% in the second quarter of 2026, while the volume decreased by 5.6%. The United States remained by far the largest supplier of liquefied natural gas, accounting for 63.2% of imports. Russia supplied 17.3%, while Algeria accounted for 8.1%.

Imports of natural gas in gaseous form increased both in value and volume. The value increased by 18.5%, while the volume rose by 3.4%. Norway remained the leading supplier, providing 51.2% of the EU's imports. Algeria accounted for 18.2%, while the United Kingdom supplied 11.1%, moving ahead of Russia, which accounted for 10.2%.

The shift between pipeline gas and liquefied natural gas has been evident over the longer term. Eurostat data shows that the monthly average volume of natural gas imported in gaseous form fell from 12.6 million tonnes in 2022 to 8.6 million tonnes in the second quarter of 2026. Over the same period, liquefied natural gas volumes increased from a monthly average of 4.6 million tonnes in 2021 to 7.9 million tonnes in the second quarter of 2026.

The latest energy-import figures also contributed to a deterioration in the EU's overall trade balance during the second quarter. Eurostat reported that the bloc recorded a €21.8 billion trade deficit in goods during the quarter, the first quarterly deficit since the second quarter of 2023. The energy deficit increased from €71.3 billion in the first quarter of 2026 to €101.1 billion in the second quarter.

EU imports of goods increased by 9.9% compared with the first quarter of 2026, reaching €701.8 billion, while exports rose by 5.4% to €680 billion. The increase in the energy deficit was one of the principal factors behind the overall trade deficit.

The increase in petroleum oil import costs also occurred against a backdrop of higher fuel prices within the EU. Eurostat reported that prices for fuels and lubricants used for personal transport increased by 13.7% in June 2026 compared with June 2025. The corresponding annual increases were 20.8% in April and 20.7% in May.

Fuel-price developments varied considerably between member states. In June, the largest annual increases were recorded in Bulgaria, Lithuania, Romania, Finland and Luxembourg. Cyprus recorded an annual increase of 18.6%. On a monthly basis, however, diesel and petrol prices declined across most member states between May and June.

Eurostat's petroleum oil statistics cover crude petroleum oils and petroleum oils obtained from bituminous minerals, including relevant crude-oil categories recorded under the EU's Combined Nomenclature. The figures relate to extra-EU trade and are based on Eurostat's Comext database and estimates.

The data show that the rise in the cost of petroleum oil imports during the second quarter was not accompanied by a comparable increase in import volumes. The EU imported broadly similar quantities of petroleum oil while paying substantially more for those imports, contributing to the increase in the value of energy imports and the wider energy trade deficit recorded during the quarter.

The figures also confirm the continuing diversification of the EU's external energy suppliers. The United States has become the largest supplier of both petroleum oils and liquefied natural gas, while Norway remains the main supplier of natural gas delivered in gaseous form.

Eurostat's latest figures consequently show a significant increase in the financial value of the EU's petroleum oil imports during the second quarter of 2026, alongside relatively stable import volumes and continued changes in the geographical composition of the bloc's energy supplies.

By fLEXI tEAM