European Union oil import bill rises by ten billion euros monthly

The European Union spent an average of 27.6 billion euros a month on petroleum oil imports during the second quarter of 2026, Euronews reported. This represents a 55.8 percent increase compared to the monthly average of 17.7 billion euros paid in 2025. [1]

The surge in costs occurred after tensions grew in the Middle East in February 2026. Despite the substantial increase in cost, the total volume of petroleum oil imported by the bloc barely changed. It rose by 1.2 percent, moving from 36.3 million tonnes a month in 2025 to 36.7 million tonnes a month in the second quarter of 2026, according to Euronews. [1]

European consumers are already experiencing higher prices at the pump for petrol and diesel as a result of the rising import bill. Experts cited by Euronews state that they do not expect these petroleum oil costs to fall in the near future. [1]