Oil imports - Europe 1998-2019
Since 1998, the overall volume of oil imports into Europe increased from 11 million barrels per day to 14.87 million in 2019. This was the highest volume of oil imported during this period. In the same year, the European Union’s share of crude oil imports amounted to 15 percent of the global volume.
Production falls
The increase in oil imports coincides with a fall in production. At the turn of the century, oil production in the European Union amounted to 168 million metric tons. By 2017 this had fallen to just 69 million metric tons.
Demand in Europe set to increase
Europe’s thirst for oil is expected to increase in 2020 to an estimated 15.1 million barrels per day, a slight increase from 2019. Throughout the EU Germany consumed the largest quantity of oil. Demand in the country has been increasing yearly since 2015 and amounted to 2.28 million barrels per day in 2019. In comparison, the UK had the second highest demand in the region at 1.55 million barrels per day.
Production falls
The increase in oil imports coincides with a fall in production. At the turn of the century, oil production in the European Union amounted to 168 million metric tons. By 2017 this had fallen to just 69 million metric tons.
Demand in Europe set to increase
Europe’s thirst for oil is expected to increase in 2020 to an estimated 15.1 million barrels per day, a slight increase from 2019. Throughout the EU Germany consumed the largest quantity of oil. Demand in the country has been increasing yearly since 2015 and amounted to 2.28 million barrels per day in 2019. In comparison, the UK had the second highest demand in the region at 1.55 million barrels per day.
