Which European countries import the most crude oil?

In 2024, Europe imported a massive 471.3 million tonnes of crude oil while producing only 15.5 million tonnes domestically, resulting in an overall oil import dependency of 96.6%. The United States, Kazakhstan, and Norway were the primary suppliers, contributing between 12% and 15% of the EU's total imports. Other significant suppliers included Libya (9%), Saudi Arabia (6.8%), and Nigeria and Iraq (5.8% each).

Only around 7% of EU crude imports came from Gulf Cooperation Council countries. The Netherlands stands out as the largest oil importer, with 138.3 million tonnes in 2024, largely due to its role as a major refining and re-export hub. Germany follows as the second-largest importer, consuming 117.8 million tonnes. Spain, France, and Italy also import substantial volumes to meet domestic consumption and support their large refineries.

Smaller economies, such as Malta, Cyprus, and Denmark, face more pronounced relative shocks due to their higher oil import dependency relative to their overall economic output. Malta recorded the largest deficit at 5.4% of GDP in 2024, followed by Bulgaria (3.5%) and Croatia (3.4%). Tourism-dependent countries, including Spain, Portugal, Ireland, Malta, and Cyprus, are particularly vulnerable to oil price shocks, as they rely heavily on imported crude or refined products for almost their entire oil supply.

Rising jet-fuel and diesel prices impact various sectors, from airlines to hotels and restaurants, ultimately leading to higher consumer prices.