• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 17 mins Shale Oil will it self destruct?
  • 18 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 9 hours Today in Energy
  • 31 mins Iran Captures British Tanker sailing through Straits of Hormuz
  • 4 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 5 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 1 day Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Migration From Eastern Europe Raises German Population To Record High
  • 23 hours Why Natural Gas is Natural
  • 20 hours LA Solar Power/Storage Contract
  • 2 days Washington Post hit piece attacking oil, Christians and Trump
  • 2 days Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
Alt Text

Cracks In Gasoline Demand Weigh On Oil Markets

Slowing economic growth has taken…

Alt Text

Mexico Confirms Major Tax Cut For PEMEX

Mexican President Lopez Obrador presented…

Erwin Cifuentes

Erwin Cifuentes

Erwin Cifuentes is a Contributing Editor for Southern Pulse Info where he focuses on politics, economics and security issues in Latin America and the Caribbean.…

More Info

Premium Content

EU Exposed: Imports Account For 88% Of All Crude In EU

Russian providers dominate the amount of oil imported to the European Union (EU) and most imports are from “unstable countries”, according to data from a new study provided by Cambridge Econometrics for Transport & Environment (T&E).

According to the study, 88 percent of all of the EU’s crude oil is imported, and eight out of the top ten oil suppliers to Europe are non-European companies.

Russian firms supply 36 percent of imported crude to the EU, with Rosneft exporting 20 percent of that, and Lukoil exporting 12 percent. Only two EU-based companies - Shell and Norway’s Statoil – are in the top ten of producers supplying oil to the region.

“Europe’s profligate use of oil is filling the pockets of big oil companies in unstable countries including Russia and Libya,” said T&E oil policy officer Laura Buffet.

In addition to Russia and Libya, most of Europe’s oil came from countries deemed by the report researchers as “unstable,” including, Libya, Azerbaijan, Kazakhstan, Nigeria, and Angola.

 

(Click to enlarge)

Europe’s increased dependence on crude oil seemed to coincide with Europe’s dependence on diesel, which doubled between 2001 and 2014, the report went on to say.

During that same period, domestic crude oil production, and even crude oil imports from fairly stable countries, decreased—forcing Europe to rely even more heavily on unstable countries to meet their booming demand.

T&E analysts called for reducing the carbon footprint caused by transportation, and suggest a shift toward electric vehicles, which would lead to a 1% increase in EU GDP, create up to 2 million new jobs and reduce emissions from cars and vans 83 percent by 2050.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play