Europe’s deepening dependency on foreign oil

This report by Cambridge Econometrics assesses the EU-27’s oil dependency and the risks associated with imported oil, building on previous analysis carried out in 2016 and 2018 (see below also). It finds that crude oil imports in 2018 were 8% higher than in 2014. In fact, the EU-27 imported 96% of its crude oil in 2018, with a majority (31%) coming from Russia.

Besides the dramatic impact on climate change, these imports had a significant cost for the EU economy: that same year, the EU spent €211 billion on crude oil imports, equivalent to €473 per EU citizen.

The report also finds that imports of liquid biofuels increased 43-fold between 2000 and 2018, while imports of the plant-based raw materials used to produce them also increased.