Posted 4/15/2024, 9:03:46 AM
EU Oil Import Dependence Jumps to Record High of 97.7% in 2022 on Russian Disruptions and Transport Demand Growth
- EU's oil import dependency reached a record high of 97.7% in 2022, up from 91.6% in 2021
- Increase driven by higher net imports, stock buildup, and demand growth in transport sector
- EU crude oil production hit an all-time low of 16.3 million tonnes in 2022, down 61% from peak
- To reduce Russian dependence, EU substituted 24.6 million tons of Russian imports with other suppliers
- Top EU crude producers were Italy, Denmark, Romania - all saw declines compared to 2021
