Energy imports in the European Union (#EU ) have taken a noticeable dip in the second quarter of 2023, continuing a trend from the previous year. Let's break down what's been happening and what it means. 📊
In Q2 2023, compared to the same period in 2022, EU energy imports decreased by a significant 39.4% in terms of value and 11.3% in weight. These declines follow a pattern set in the first quarter of the year, where we saw drops of 26.5% in value and 6.1% in weight. 📉
🛢️ **Petroleum Oils**: Russia's share in EU petroleum oil imports has been consistently declining since Q2 2022. Imports from Russia fell drastically from 8.7 million tonnes in Q2 2022 to just 1.6 million tonnes in Q2 2023, an 82% decrease. In contrast, imports from other non-Russian partners increased by 5.8 million tonnes. Russia's share plummeted from 21.6% to a mere 4.0% in Q2 2023. 🇷🇺
🔥 **Natural Gas**: Natural gas imports also saw a sharp drop (-17% in weight) in Q2 2023 compared to the previous year. This could be linked to the EU's commitment to reduce gas consumption. Imports from Russia fell from 5.1 million tonnes in Q2 2022 to 2.5 million tonnes in Q2 2023. 🇷🇺
🌐 **Diversification of Suppliers**: Russia's actions in Ukraine led to EU sanctions, affecting the trade of energy products. Consequently, there's been a noticeable diversification of energy suppliers. Norway, Kazakhstan, the United States, and Saudi Arabia have seen their shares increase, while Libya became an important partner, accounting for 8.1% of EU petroleum oil imports. 🌍
🛢️ **Petroleum Oils, Cont.**: In Q2 2022, Russia was the top supplier of petroleum oils to the EU with a 15.9% share. However, in Q2 2023, it ranked 12th with just a 2.7% share. Meanwhile, Norway, Kazakhstan, the United States, and Saudi Arabia have seen their shares rise. Norway leads with a 13.7% share. 🇳🇴
🔥 **Natural Gas, Cont.**: For natural gas in gaseous form, Russia's share dropped significantly by 14.5 percentage points to 13.8%. Algeria and Norway's shares increased notably. In Q2 2023, Norway became the EU's top supplier with a 44.3% share, followed by the United Kingdom and Algeria. 🇬🇧🇩🇿
🍃 **Liquefied Natural Gas (LNG)**: In this category, the United States remains the EU's leading supplier in Q2 2023 with a 46.4% share. Russia, Qatar, Algeria, and Nigeria follow. Algeria and Nigeria increased their shares compared to Q2 2022. Norway and Oman have also become important suppliers, with shares of 3.3% and 2.9%, respectively. 🇺🇸🇷🇺🇶🇦🇩🇿🇳🇬
These shifts in energy imports reflect changing global dynamics, driven by geopolitical events and a growing focus on diversification and sustainability. Stay tuned for more updates on the EU's energy landscape. 🌏🔌💡
