The European Union’s import bill for petroleum oil jumped 55.8% in the second quarter of 2026, according to Eurostat, underscoring how sharply energy costs can rise even when volumes remain broadly stable.
Despite the steep increase in total value, petroleum oil import volumes were little changed versus the monthly average seen in 2025. The bloc imported 36.7 million tonnes during the period, a modest increase of 1.2%.
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LNG Costs Rise Even As Volumes Ease
In liquefied natural gas, the picture was more mixed. The total value of imports rose 4.1%, while import volumes declined 5.6%, suggesting higher unit prices offset weaker demand or softer cargo intake.
Natural gas imported in gaseous form moved in the opposite direction, posting gains in both value and volume. Eurostat said the total import value increased 18.5%, while volumes rose 3.4%.
U.S. And Norway Remain The EU’s Energy Anchors
The United States and Norway retained their positions as the European Union’s largest energy suppliers in the quarter, reinforcing the bloc’s continued dependence on a relatively small group of external partners.
The U.S. was the EU’s leading supplier of petroleum oil, accounting for 18.8% of total imports. Norway followed with 14.3%, while Kazakhstan supplied 13.4%.
In liquefied natural gas, the U.S. dominated the market, providing 63.2% of total EU imports. Russia ranked second at 17.3%, with Algeria supplying 8.1%.
Norway Leads Gas Supply, While The U.K. Gains Ground
Norway also remained the EU’s largest source of gaseous natural gas, delivering 51.2% of total supplies. Algeria was the second-largest supplier with an 18.2% share.
The United Kingdom moved ahead of Russia to become one of the bloc’s top three partners for gaseous natural gas, supplying 11.1% compared with Russia’s 10.2%.
The latest figures highlight a familiar theme in Europe’s energy market: import dependency is shifting in composition, but not disappearing. For policymakers and buyers alike, the challenge remains the same—securing supply while managing price volatility.
