Eurozone crude import dependency hit 96.6% as prices climb past $100/barrel
Brent crude surpassed $100 per barrel while European oil imports reached a record 471.3 million tonnes in 2024, leaving the region reliant on foreign supplies at a rate of 96.6%.
Brent crude oil prices exceeded $100 per barrel after renewed attacks on shipping in the Strait of Hormuz kept demand concerns high. Since mid-February, the price has remained above $70 and is up 65.7% from its year-end close at $60.85 in late 2025. This surge complicates economic conditions for Europe, where inflation stood at 3.3% in August. Energy prices contributed a 14.3% annual increase within that figure. Consequently, the European Central Bank is scheduled to raise its deposit rate by 0.25 percentage points to 2.50% on Thursday. The United States futures market suggests a Federal Reserve hike occurs around September 16 with 60% odds. Fundamental data from Eurostat shows the EU imported 471.3 million tonnes of crude oil in 2024. Domestic production totalled only 15.5 million tonnes that same year, resulting in a near-total import dependency of 96.6%. This means almost all additional barrels consumed by the bloc must arrive from abroad.
