Norway and Russia main supplier countries.In 2001 the EU imported some 90 bn euro of crude oil from outside the EU. Just over 40 bn came from OPEC members.
In 2001 the EU imported some 90 bn euro of crude oil from outside the EU. Just over 40 bn came from OPEC members. The share of OPEC in extra-EU imports of crude oil has fallen steadily over recent years, from 55% in 1995 to 50% in 1999 and 45% in 2001. Including intra-EU trade in crude oil, OPEC was responsible for 38% of EU Member States' total imports of crude oil in 2001.
While the annual volume of extra-EU oil imports has remained relatively stable since 1995, the value has varied greatly, reflecting changes in the price of crude oil. However, the breakdown of crude oil imports by Member State or by supplier is similar whether expressed in value or volume terms.
The most important extra-EU supplier of crude oil to the EU in 2001 was Norway, with 21% of the total, worth 19 billion euro. Russia was next with 17% (15 bn euro), followed by five members of OPEC: Saudi Arabia (11%), Libya (10%), Iran (6%), Nigeria (6%) and Algeria (5%).
Considering both intra-EU and extra-EU trade, it is interesting to note that, among the 16.8 bn euro exported by the UK, 11.6 bn are imported by other Member States, making it the third most important supplier of crude oil to the EU market in 2001.
All Member States had an overall deficit in trade in crude oil (intra-EU + extra-EU) in 2001, except for the UK (+9.0 bn euro) and Denmark (+1.6 bn). The largest importers of crude oil were Germany, France and Italy, which together accounted for about half of total EU imports of crude oil.