EU Oil Import Dependency Dipped From Record Highs in 2020

SEATTLE (Oil Monster): The oil import dependency for crude oil and petroleum products registered sharp decline to 91.67% in 2021. This is upon comparison with the import dependency which had reached a record high of 96.78% in 2020. The figure for 2021 is the second lowest since 1990, after the record minimum of 91.66% in 1999.

ALSO READ:

OPEC+ Likely to Stick to its Guns, Despite Price Slump

China Expected to Account for 40% of This Year's Oil Demand Recovery 

The net imports registered marginal decline by 0.3% in 2021. The imports and exports rose by 3.4% and 9.2% respectively. Also, the gross available energy surged higher by 5.3% during the year. Meantime, primary production registered a change of -5.7%, but with a lesser influence on the indicator. The dip in dependency was also on account of the use of 20.4 Mtoe of oil stocks.

The crude oil import dependency stood at 95.2% in 2021, registering two second consecutive year of decline. The net crude oil imports increased by 1.6%, while the gross available energy too were up by 2.5% during the year. The primary crude oil production and exports were down significantly by 6.1% and 11.6% respectively. The crude oil stocks’ use of 4.9 Mtoe also contributed to the dip in dependency.

In 2021, the EU crude oil production dropped significantly by 6% year-on-year, to total 17.5 million tonnes (Mt). The topmost three crude oil producers in 2021 were Italy, Denmark and Romania