The European Union is spending an average of €27.6 billion per month on oil imports in the second half of 2026, which is a 55.8% increase from €17.7 billion in 2025. This rise in costs is attributed to tensions in the Middle East in February 2026, which have impacted global oil prices.
Increase in Oil Prices and Its Impact on Imports
The volume of oil imported by the European Union has only increased by 1.2%, rising from 36.3 million tons per month in 2025 to 36.7 million tons in 2026. Consequently, the additional cost of oil imports has reached €9.9 billion per month. The price per ton of oil has also increased from €487 to €750, nearing its highest level since 2022.
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According to Professor Shiawi Mo from the University of Dundee, the average price of Brent oil in the second half of 2026 has increased by 49.5% compared to 2025, reaching $34 per barrel. This price increase is due to a decrease in global oil supply caused by tensions in the Middle East.
Social and Economic Impacts
This price increase has not only affected oil import costs but has also directly impacted fuel prices at the pumps. In the first week of January 2026, the cost of diesel in the European Union averaged €1.54 per liter, but this price quickly rose to €2.24 by the end of September. Additionally, the price of gasoline has increased from €1.60 to €2.10.
Professor Mo has warned that rising fuel costs could lead to increased prices of other goods, including food and public transportation. This issue will be particularly noticeable in industries dependent on transportation and energy, where high fuel costs are passed on to consumers.
Given recent developments, experts predict that oil import costs will not decrease in the near future. Professor Mo has stated that, in the absence of a practical solution to end the tensions, costs are likely to remain as they are.
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