Oil imports in Europe 1998-2023

Since 1998, the overall volume of oil imports into Europe increased from approximately 11 million barrels per day to around 12.8 million in 2023. Figures peaked in 2017, at around 15 million barrels of oil daily. Since then, European oil imports have been on a mostly declining trend. In recent years, 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 2023, this had fallen to just 16 million metric tons. 

Europe's oil consumption

Throughout the EU, Germany consumes the largest quantity of oil. Demand in the country amounted to nearly two million barrels per day in 2023. In comparison, France had the second highest demand in the region, at 1.3 million barrels per day.