In the second quarter of 2026, the value of oil imports to the European Union increased by 55.8 percent, reaching 36.7 million tons, which shows only a 1.2 percent increase compared to the monthly average of 2025. This significant increase occurred while the volume of oil imports remained largely stable.
Situation of Liquefied Natural Gas Imports
Alongside the increase in the value of oil imports, liquefied natural gas imports also experienced changes during this period. The value of liquefied natural gas imports increased by 4.1 percent, while the volume decreased by 5.6 percent. These changes in the liquefied natural gas market reflect fluctuations in demand and prices at the international level.
Read more: Increase in Crude Oil Stocks in the U.S. to 1.786 Million Barrels
Natural Gas Imports in Gaseous State
However, natural gas imports in gaseous state (natural gas) saw a significant increase during this period. The value of these imports increased by 18.5 percent and the volume by 3.4 percent. This trend may be due to higher demand for natural gas from European countries seeking to diversify their energy sources.
Main Energy Suppliers in the Second Quarter of 2026
In the second quarter of 2026, the main suppliers of petrochemical oil to the European Union remained unchanged. The United States accounted for 18.8 percent, Norway for 14.3 percent, and Kazakhstan for 13.4 percent, making them the three largest oil suppliers. Meanwhile, the United States is recognized as the largest source of liquefied natural gas imports, supplying 63.2 percent of this type of gas to the European Union.
Natural Gas Imports from Norway and Other Countries
Regarding natural gas, Norway is the largest supplier with 51.2 percent, followed by Algeria with 18.2 percent and the United Kingdom with 11.1 percent. Notably, the United Kingdom has managed to surpass Russia, which holds 10.2 percent of the market share.
These developments in the European energy market indicate changes in global energy supply and demand patterns, increasing the strategic importance of these resources for European countries. Given the rising prices and fluctuations in the global market, European countries are seeking to strengthen their energy security and reduce dependence on specific sources.
Read more: Shell Completes Sale of Its Assets in the Na Kika and Columb Fields to Talo and Ridgewood · XRG Abu Dhabi Exploration for Buying Stake in the Canada LNG Project
