EU boosts oil purchases from US to 10-year high

The European Union has increased the purchase of oil from the United States to the maximum for 10 years - for the entire 2024 the volume of purchases amounted to $12.17 billion, according to the official U.S. statistical data.

A total of 173.8 million barrels of American oil were exported. Compared to 2023, European imports of petroleum products from the United States increased by 40%, Caliber.Az reports, citing foreign media.

The Netherlands, Belgium, France, Poland and Germany were among the five largest importers of American oil. At the same time, the Netherlands purchased products worth $6 billion, in other words, they accounted for half of European oil imports from the United States. Belgium bought almost three times less - $2.32 billion, which amounted to another 20% of European oil exports, France bought oil products from the U.S. for $1.6 billion.

All other EU countries accounted for $2 billion of imports, or less than 20%. At the same time, supplies to the European market account for about 10% of U.S. exports of oil products.

By Khagan Isayev