EU energy imports fall by 10% in second quarter of 2024

Energy product imports into the European Union in the second quarter of 2024 fell by around 10% in both volume and value compared to the same period the previous year, in a context where the United States and Norway solidified their positions as key suppliers to the EU.

According to the EU's statistical office, Eurostat, between April and June 2024, the EU imported energy products worth €94.9 billion, equivalent to a total of 177.9 million tonnes.

"Compared to the same quarter of 2023, imports decreased both in value (-10.7%) and net mass (-9.7%)," Eurostat highlighted in a statement.

The agency added that "the value of imported natural gas in gaseous form decreased by 31.4% in the second quarter of 2024 compared to the same quarter in 2023, while the volume dropped by 9.5%."

A similar trend was observed for liquefied natural gas (LNG), with a significant decline in both value (-41.2%) and volume (-20.2%), Eurostat also noted. As for petroleum oils, imports increased in value (5.6%) but fell in volume (-2.2%).

During the analyzed period, the majority of the EU's petroleum oil imports came from the United States (15.1%), Norway (14.1%), and Kazakhstan (11.7%).

Regarding natural gas, Norway was the leading supplier (43.5%), followed by Algeria (21.6%) and Russia (15.5%), while the United States provided nearly half of the LNG imported into the EU (46%), ahead of Russia (16.8%) and Qatar (11.9%).