In the second quarter of 2024, the EU's energy imports declined, with a reduction in the import volume of oil and natural gas.

Recently,data released by Eurostat,the statistical office of the European Union,showed that the EU remains highly dependent on foreign energy,but the amount of energy imports in the second quarter of 2024 is declining.According to the statistics,the EU imported a total of €94.9 billion worth of energy products,amounting to 177.9 million tons,between April and June this year.Compared with the same period in 2023,the total import value decreased by 10.7%,and the net weight decreased by 9.7%.

Minor Fluctuations in Oil Imports

In terms of oil,compared with the second quarter of 2023,the import value in the same period of 2024 increased slightly by 5.6%,but the import volume decreased by 2.2%.This shows that although oil prices have risen,the actual import quantity has decreased.

In terms of import sources,the U.S.became the EUs largest oil supplier,accounting for 15.1%; followed by Norway at 14.1%; and Kazakhstan ranked third at 11.7%.This shows the EU is diversifying its oil supply to reduce reliance on single countries.

Significant Decline in Natural Gas Imports

The import of gaseous natural gas has seen a significant decline.In the second quarter of 2024,the value of EU gaseous natural gas imports fell by 31.4%,and the import volume decreased by 9.5%.The drop in liquefied natural gas (LNG) was even more pronounced,with the import value decreasing by 41.2% and the import volume dropping by 20.2%.

For gaseous natural gas supply,Norway was the EUs largest supplier,accounting for 43.5%; Algeria ranked second at 21.6%; and Russia remained an important supplier at 15.5%.Notably,despite EU efforts to reduce reliance on Russian energy,Russia still holds a significant share in gas supply.

U.S.Dominates LNG Market

For LNG,the U.S.accounted for nearly half of EU imports at 46%; Russia and Qatar ranked second and third with 16.8% and 11.9% shares respectively.The U.S.as the EUs largest LNG supplier highlights strengthened U.S.-EU energy cooperation.

Analysis of Reasons for Import Decline

The main reasons for the decline in energy imports may include the following aspects:

• Energypricefluctuations:Changesinglobalenergypricesdirectlyaffecttheincreaseordecreaseinimportvalues.Fluctuationsinoilandnaturalgaspricesmayleadtoadivergencebetweenimportvaluesandimportvolumes.
• Decreasedenergydemand:TheEUmaybepromotingenergyefficiencyandrenewableenergydevelopment,reducingrelianceontraditionalfossilfuels,therebyloweringenergyimportvolumes.
• Geopoliticalfactors:GeopoliticaleventssuchastheRussia-UkraineconflictmayaffecttheEUsenergysupplychain,promptingittoadjustenergyimportsourcesandstructures.

EU energy diversification strategy

Faced with energy security and supply risks,the EU has been actively seeking to diversify its energy sources.Increasing imports from countries such as the United States and Norway and reducing dependence on Russian energy are part of its strategy.At the same time,the EU is also investing heavily in renewable energy to improve energy self-sufficiency.

Conclusion

The decline in EU energy imports reflects its adjustments in energy supply and demand.As global energy markets change and geopolitical situations evolve,the EU will continue to advance its energy diversification and sustainable development strategies to ensure energy security and economic stability.