EU Oil Import Bill Surges $11 Billion Per Month Amid Crisis

The European Union has faced a dramatic surge in its energy import costs, paying an average of $11 billion more per month for petroleum since Middle East supply disruptions choked crude flows, according to an analysis by Euronews Business published on Thursday.

Data from Eurostat shows that the total value of the EU's petroleum imports jumped by 55.8% in the second quarter of 2026. Between April and July—immediately following the closure of the Strait of Hormuz—the bloc spent an average of $30.7 billion (27.6 billion euros) monthly on petroleum oil imports, compared to $19.7 billion (17.7 billion euros) during the same period in 2025.

Volumes Remain Stable Despite Price Surge

The dramatic increase in expenditure occurred despite relatively stable import volumes, which rose by just 1.2% over the same timeframe. According to the Euronews Business analysis, petroleum accounted for 95% of the overall increase in the EU's total energy import bill during the second quarter.

Import costs are not expected to decline significantly in the near term as crude oil prices hover near five-month highs. Tight global fuel markets have driven gasoline and diesel prices to record highs across many European nations, prompting governments to introduce consumer relief measures.

Impact on Transport and Vehicle Sales

The sustained high fuel prices have coincided with a sharp shift in the European automotive market. Conventional car registrations have dropped by double digits in key markets while electric vehicle and hybrid sales accelerate.

Data from the European Automobile Manufacturers’ Association (ACEA) indicated that battery electric vehicle sales jumped by 60% in September, while plug-in hybrids rose by 24% and hybrid electric vehicles increased by 5.3%. Conversely, gasoline car sales slumped by 20.6% and diesel car sales plunged by 28.2% compared to the previous year.

Key facts

• The EU paid an average of $30.7 billion per month on petroleum imports between April and July 2026.
• Petroleum import values rose by 55.8% in the second quarter compared to the same period in 2025.
• Import volumes increased by only 1.2%, according to Eurostat data cited by OilPrice.
• Petroleum accounted for 95% of the increase in the EU's total energy import bill during the quarter.