A Eurostat publication released on 28 March highlights significant changes in EU crude oil imports and prices since the beginning of 2022.
While until the end of January 2022, before the Russian invasion of Ukraine, imports from different sources remained relatively stable (with Russia as the main source of imports), the situation became more complex in the following months.
Russia’s share of total EU imports fell from 24% to 31% at the end of January 2022 to 12% in May 2022. However, the months of February and April of the same year were marked by large imports from this country: 33% and 30% of total imports respectively.
From May onwards, the situation stabilised, until September 2022, when imports gradually fell again. They reached 7,645 thousand barrels (4% of total imports) in December 2022, when the sixth package of sanctions against Russia came into force.
In December 2022, the largest exporters of crude oil to the EU were the US (18% of total EU imports) and Norway (17% of total imports).
Crude oil prices also fluctuated. In June and July 2022, price differences between the four most common types of oil (other than Russian Ural oil) ranged from US$9 to US$12 per barrel, three to four times higher than before the war.
By the end of the year, the situation started to stabilise, with a decrease in imports from Russia, lower crude oil prices and less price volatility.
To see the Eurostat article: https://aeur.eu/f/66l (Original version in French by Pauline Denys)