Brussels: In the first quarter of 2024, the European Union (EU) imported €95.5 billion worth of energy products, totaling 183.8 million tonnes. Compared to the same period in 2023, this marks a significant decrease in both value (-26.4%) and net mass (-10.4%), according to Eurostat, the EU’s statistical office.
Natural Gas Imports:
- The value of imported natural gas in its gaseous state plummeted by 56.8% in the first quarter of 2024, while the volume dropped by 11.7%.
- For liquefied natural gas (LNG), the value fell by 54.1%, and the volume decreased by 11.4%.
The sharp decline in value reflects falling natural gas prices since their surge in 2022. The volume reduction aligns with the EU’s plan to cut gas consumption by at least 15%.
Petroleum Oils Imports:
- The value and volume of imported petroleum oils remained relatively stable, with a slight 0.4% increase in value and a 0.9% decrease in volume compared to the first quarter of 2023.
Sources of Petroleum Oils:
- Most petroleum oils imported in the first quarter of 2024 came from the United States (17.1%), Norway (13.6%), and Kazakhstan (10.9%).
Sources of Natural Gas:
- Almost half of the EU’s natural gas in gaseous form came from Norway (46.6%), followed by Algeria (19.7%) and Russia (17.3%).
- The United States supplied nearly half of the imported LNG (47.4%), with Russia (17.7%) and Algeria (9.9%) also being significant sources.
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