The amount of pure fuel imported into the European Union fell by over 11 % within the first quarter of 2024 in comparison with the identical three-month interval a yr in the past, whereas the worth was greater than halved, official figures confirmed.
“The numerous lower in worth mirrored the declining costs of pure fuel after the worth surge in 2022, whereas the lower in quantity ought to be seen within the context of the EU discount plan, the place EU international locations dedicated to lowering their fuel consumption by at the least 15 %”, the European Fee mentioned in an announcement.
Beneath the discount plan, member states voluntarily curb their consumption to safe reserves in response to what the EU known as a weaponization of power provides by Russia. It initially lined August 2022 to March 2023 however was prolonged to March 2024.
Gasoline in gaseous state imported into the 27-member bloc dropped 11.7 % in quantity in January–March 2024 towards the primary quarter of 2023, whereas the worth decreased 56.8 %, in line with Eurostat information.
EU imports of liquefied pure fuel (LNG) declined 11.4 % in quantity and 54.1 % in worth within the first quarter of 2024 towards the corresponding interval a yr in the past.
The month-to-month common of imported fuel in gaseous state within the first quarter of 2024 fell 9.8 % in quantity and 41.3 % in worth year-over-year. That of LNG fell 14.5 % in quantity and 35.9 % in worth.
Norway was the highest supply of fuel in gaseous state imported into the EU within the first quarter of 2024, accounting for 46.6 %. Continental Europe has 4 receiving terminals for Norwegian pipeline fuel: two in Germany, one in Belgium and one in France. The UK additionally has two receiving terminals for pipeline fuel from the Nordic nation.
Norway was adopted by Algeria (19.7 %) and Russia (17.3 %).
For LNG, the U.S. remained the EU’s greatest provider, constituting 47.4 % of imports within the first quarter. It was adopted by Russia (17.7 %) and Algeria (9.9 %).
Whereas fuel imports fell, EU petroleum imports remained “steady” within the first quarter of 2024 in comparison with the primary quarter of 2023. The amount slipped 0.9 % however the worth elevated 0.4 % year-on-year.
The month-to-month common of oil imports fell 1.2 % in quantity and 1.8 % in worth year-on-year.
Most overseas oils within the EU within the first quarter of 2024 have been from the U.S., which accounted for 17.1 %. The U.S. was adopted by Norway (13.6 %) and Kazakhstan (10.9 %).
To contact the writer, e-mail jov.onsat@rigzone.com
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