• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 10 hours Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 17 hours A sneak peak into the US election
  • 37 mins Something wicked this way comes
  • 11 hours "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 4 hours covid. stop the carriers and thus stop the virus.
  • 18 hours Tucker Carlson responds to CDC after agency critiques commentary about mask-wearing
  • 18 hours Is the coal industry on the way out?
  • 1 day GPOR - Gulfport Oil - Why?
  • 26 mins France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 3 days Vote Biden for Higher Oil Prices
  • 19 mins Permian in for Prosperous and Bright Future
  • 51 mins Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 55 mins California’s Electric Vehicle Dream Has A Major Problem: No
  • 5 hours Ethanol present in gasoline
Natural Gas Is Booming In Africa

Natural Gas Is Booming In Africa

As the world turns its…

A Geopolitical Time Bomb In Europe

A Geopolitical Time Bomb In Europe

Turkey has been acting increasingly…

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