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. However, figures decreased to 12.6 million barrels per day in 2020. 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 oil production. At the turn of the century, oil production in the European Union amounted to 168 million metric tons. By 2020, this had fallen to just 20 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 amounted to two million barrels per day in 2020. In comparison, the UK had the second highest demand in the region at 1.2 million barrels per day.
Oil imports in Europe from 1998 to 2020
(in 1,000 barrels per day)
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BP. (July 8, 2021). Oil imports in Europe from 1998 to 2020 (in 1,000 barrels per day) [Graph]. In Statista. Retrieved July 01, 2022, from https://www.statista.com/statistics/265303/oil-imports-into-europe/
BP. "Oil imports in Europe from 1998 to 2020 (in 1,000 barrels per day)." Chart. July 8, 2021. Statista. Accessed July 01, 2022. https://www.statista.com/statistics/265303/oil-imports-into-europe/
BP. (2021). Oil imports in Europe from 1998 to 2020 (in 1,000 barrels per day). Statista. Statista Inc.. Accessed: July 01, 2022. https://www.statista.com/statistics/265303/oil-imports-into-europe/
BP. "Oil Imports in Europe from 1998 to 2020 (in 1,000 Barrels per Day)." Statista, Statista Inc., 8 Jul 2021, https://www.statista.com/statistics/265303/oil-imports-into-europe/
BP, Oil imports in Europe from 1998 to 2020 (in 1,000 barrels per day) Statista, https://www.statista.com/statistics/265303/oil-imports-into-europe/ (last visited July 01, 2022)
