EU reduced energy imports by 7.1% y/y in 2024

In 2024, the European Union (EU) reduced energy imports (oil, natural gas, LNG) by 7.1% year-on-year to 720.4 million tons, according to Eurostat.

In value terms, these imports fell by 16.2% y/y – to €375.9 billion.

Last year, the EU reduced the physical volume of imports of petroleum products by 2.4% y/y, liquefied gas by 15.1% yoy, and natural gas in gaseous form by 4.4% y/y.

The key energy suppliers to the EU in 2024 were the United States and Norway. Thus, last year, the United States provided almost half of the imported LNG (45.3%). The Russian Federation (17.5%) and Algeria (10.7%) took second and third place.

Most of the natural gas in gaseous form in the period under review came from Norway (45.6%), Algeria (19.3%), and the Russian Federation (16.6%).

The EU’s largest partners in importing petroleum products last year were the United States, Norway, and Kazakhstan. The largest increase between 2023 and 2024, according to the European Statistical Office, was observed in the share of Kazakhstan (+2.1 percentage points).

The share of energy products in the EU’s total imports has seen significant fluctuations due to strong price volatility. It peaked in 2022 at 22.8%. In 2023, there was a noticeable decline (17.8%). Last year, this share was up to 15.4% of total imports.

The spot price of natural gas in the EU fell from $506 to $477/1000 cubic meters in the first half of March, according to trading data from the Dutch TTF exchange. The decline began after reaching the current annual maximum on February 10. The price declined amid stable industrial demand and the approaching end of the heating season.