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EU Petroleum Oil Import Bill Surges 55.8% In Q2 As Volumes Hold Steady

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%.

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.

Barclays To Cut 5,000 Jobs As AI And Technology Drive Cost Reductions

Barclays plans to eliminate around 5,000 jobs this year, equivalent to approximately 5% of its workforce, as the UK bank expands its use of technology, including artificial intelligence (AI), to reduce costs and improve returns.

The announcement came alongside third-quarter results showing profit of £2.3 billion ($3.08 billion), up year on year but below analysts’ expectations, following weaker performance in fixed income trading.

AI And Automation Reshape Support Functions

Around 60% of the planned job cuts will affect support functions, including developer roles, Chief Financial Officer Anna Cross said. The move offers a clear indication of how technology is increasingly influencing staffing decisions across major banks.

Cross said 1,000 positions had already been eliminated, with the remaining cuts expected by the end of the year. Barclays also recorded £201 million in additional structural cost reductions during the third quarter as part of its longer-term drive to lower expenses.

Chief Executive C.S. Venkatakrishnan said he was “disappointed” with fixed income trading performance, citing market volatility and weaker results in rates and credit products.

Shares Fall After Results Miss Forecasts

Barclays shares fell 2.5% in early trading, underperforming the wider European banking sector. The stock has declined around 14% this year, broadly in line with regional peers following several years of gains driven by higher interest rates and stronger margins.

Analysts at Shore Capital described the results as weaker than expected, highlighting the investment bank’s performance.

UK Budget Adds To Industry Uncertainty

Barclays is the first major European lender to report quarterly earnings, with the outlook for UK banks also shaped by Finance Minister John Healey’s budget on October 28.

The sector is preparing for the possibility of higher taxes on banks. Healey has not ruled out additional levies on bank profits, as the government considers ways to raise revenue and fund its policy agenda.

Banks argue that they are already heavily taxed compared with competitors in other jurisdictions and warn that further charges could constrain lending.

Investment Banking Delivers Mixed Results

Barclays’ investment bank generated £3.1 billion in third-quarter income, below forecasts of £3.3 billion, reflecting weaker fixed income trading despite continued strength in equities.

Equities revenue rose 47%, outperforming the average 37% increase recorded by the five largest US banks, based on calculations from company disclosures.

Fixed income trading income, however, fell 19% to £1 billion, compared with a 5% decline among US peers. The result also missed analysts’ expectations of £1.3 billion, weighing on the bank’s overall performance.

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