Hungary took over the EU Council presidency at a time when the bloc’s imports fell 26.4 per cent, according to Eurostat.
The Presidency rotates between EU countries every 6 months. During this time, the presidency chairs Council meetings at all levels, helping to ensure consistency across the EU. Hungary was given the presidency on 1 July.
However, in the first quarter of 2024, the EU imported €95.5 billion worth of energy, totalling 183.8 million tonnes. Compared to the same quarter of 2023, imports decreased in both value (-26.4 per cent) and net mass (-10.4 per cent).
The value of imported gaseous natural gas in the first quarter of 2024 decreased by 56.8 per cent compared to the same quarter of 2023, with the volume declining by 11.7 per cent. A similar trend was observed for liquefied natural gas (LNG). Imports showed a sharp decline in value (-54.1 per cent) and a more moderate drop in volume (-11.4 per cent).
The large decrease in value reflected the decline in natural gas prices following the price spike in 2022, while the decline in volume should be seen in the context of the EU’s reduction plan. Under the plan, EU countries pledged to reduce their gas consumption by at least 15 per cent.
Both the value and volume of imported petroleum oils remained stable compared to the first quarter of 2023.
Monthly averages
Similar trends are evident when considering the monthly averages for the first quarter of 2024 compared to that of previous years. The monthly average value of imported petroleum oils in the first quarter of 2024 stood 1.8 per cent below that of the 2023 monthly average. The volume also decreased by 1.2 per cent.
On the contrary, significant decreases were recorded for LNG, with a 35.9 per cent drop in value and a 14.5 per cent decrease in volume, as well as for natural gas in gaseous state, with a 41.3 per cent drop in value and a 9.8 per cent decrease in volume.
In the first quarter of 2024, most EU imports of petroleum oils came from the US (17.1 per cent), Norway (13.6 per cent), and Kazakhstan (10.9 per cent). Almost half of natural gas in gaseous state came from Norway (46.6 per cent). Algeria followed with 19.7 per cent, ahead of Russia with 17.3 per cent.
Meanwhile, the US accounted for almost half of imported LNG (47.4 per cent). This is far ahead of Russia (17.7 per cent) and Algeria (9.9 per cent).
