Europe's "Less" Is Doing More Than Anyone Gives It Credit For
Brent is sitting a touch above $104 this morning, down slightly from yesterday's surge. The Strait of Hormuz, which used to move something like a fifth of the world's oil and LNG before the war, has been effectively shut since March. Saudi output dropped around 1.9 million barrels a day in August, tanker rates are breaking records, and the EIA doesn't see Middle East production back near…
Europe has quietly installed energy efficiency measures over the past two decades, resulting in significantly lower energy consumption per unit of output compared to previous decades. The EU now consumes 44% less energy per euro of output than in 1995, with more than a third of this improvement occurring since 2019 alone. During this time, the EU's economy grew by more than 70% while cutting net greenhouse gas emissions by 40%.
Primary energy consumption fell by 9.6% in the decade to 2024, and by 21% in Germany over the same period.
This efficient energy use has translated into tangible benefits for European economies. For instance, Spain saw a 0.7% growth in the second quarter of 2025, outpacing Germany, France, and Italy. Meanwhile, Italy remained more exposed to the energy crisis, with 74.8% of its energy imports coming from fossil fuels. The difference in energy efficiency between Spain and Italy highlights the importance of investing in energy infrastructure and policies to reduce energy consumption while maintaining economic growth.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
