EU energy import bill jumps as oil value rises in second quarter
The EU is seeing a sharp increase in the cost of imported energy commodities in the second quarter of 2026, even as crude oil volumes stay broadly unchanged from the 2025 monthly average. The data also show diverging gas trends, with liquefied natural gas volumes declining while pipeline gas imports increase in both value and volume.
Highlights
- Eurostat reports EU petroleum oil import value rises 55.8% in Q2 2026 as volumes stay stable at 36.7 million tonnes, up 1.2%.
- EU liquefied natural gas import value rises 4.1% with volumes down 5.6%, while gaseous natural gas imports increase 18.5% in value and 3.4% in volume.
- U.S. leads petroleum oil (18.8%) and LNG (63.2%) supply to EU, while Norway dominates gaseous natural gas with 51.2%; UK surpasses Russia at 11.1%.
Second-quarter import trends and supplier mix
As reported by Eurostat, the value of the EU's petroleum oil imports rises by 55.8% in the second quarter of 2026, while volume remains mostly stable at 36.7 million tonnes, up 1.2% compared with the monthly average in 2025.For liquefied natural gas, import value rises by 4.1% while volume falls by 5.6%. Imports of natural gas in gaseous form increase in both value and volume, rising by 18.5% and 3.4% respectively.
The main suppliers of petroleum oil to the EU in the quarter are the U.S. with 18.8%, Norway with 14.3% and Kazakhstan with 13.4%. In liquefied natural gas, the U.S. accounts for 63.2% of imports, followed by Russia at 17.3% and Algeria at 8.1%.
Gas flows underline shifting European energy reliance
Norway remains the main supplier of natural gas in gaseous form to the EU, providing 51.2% of imports. Algeria follows with 18.2%, while the UK reaches 11.1%, moving ahead of Russia, which stands at 10.2%.The figures indicate that the EU continues to face higher import costs for key energy products in the second quarter, while supplier rankings show the continued weight of the U.S. and Norway across oil and gas flows. The UK's move ahead of Russia in gaseous natural gas supply also points to a changing regional supply balance.
Our earlier article on France’s push for EU regulatory relief on oil and gas rules explained how Paris urged Brussels to delay incoming methane reporting requirements for imports and to temporarily loosen fuel-quality and biofuel standards. We noted that the proposals were framed as a response to tighter fuel supply conditions, with refiners arguing the changes could raise European kerosene and diesel output and ease winter market strains.
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