EU energy import values tumble 39.4% in Q2 2023

The EU’s reduced dependence on Russia for energy imports is particularly notable. Russia’s contribution to the EU’s petroleum oils imports plummeted by 82 per cent, while the country’s share in total EU petroleum imports was only 4.0 per cent in Q2 2023, a stark contrast to the 21.6 per cent share in Q2 2022. Concurrently, natural gas imports from Russia fell from a monthly average of 5.1 million tonnes to 2.5 million tonnes over the same period. This decline was part of a broader EU strategy to reduce gas consumption, Eurostat said in a press release.

The reduction is attributed to various factors, including sanctions against Russia due to its aggression towards Ukraine and the EU’s commitment to diversifying its energy supplies. Sanctions began affecting trade from December 2022 and have continued into this year. In terms of petroleum oils, Norway, Kazakhstan, the US, Saudi Arabia, and Libya have emerged as important trading partners, increasing their market shares significantly.

For natural gas, Norway took the lead, covering 44.3 per cent of total EU imports, followed by the UK and Algeria. In the liquefied natural gas market, the US remains the major supplier, with Algeria and Nigeria increasing their market share.

ALCHEMPro News Desk (NB)