EU spending on oil imports rose by $11 billion per month — OilPrice

From April to July 2026, the European Union spent an average of $30.7 billion, or €27.6 billion, per month on oil imports. This is $11 billion, or €9.9 billion, more than during the corresponding period in 2025, OilPrice reports, citing an analysis by Euronews Business and Eurostat data.

Import value rose by more than half

According to Eurostat, the value of oil imports into the EU rose by 55.8% in the second quarter of 2026, although physical supply volumes remained nearly unchanged. They increased by only 1.2%.

Euronews Business attributes the increase in spending to higher oil prices after the closure of the Strait of Hormuz amid the crisis in the Middle East. According to the outlet's estimate, oil accounted for 95% of the total increase in the EU's energy import bill in the second quarter.

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Fuel prices and car sales

OilPrice notes that import costs may not decline substantially in the near future, as oil prices remain near a five-month high and the global fuel market remains tight. In a number of European countries, gasoline and diesel prices have reached record levels, while governments are trying to support consumers.

In September, total car sales in Europe, including the United Kingdom, Norway and Switzerland, rose by 10.2% year-on-year, according to the European Automobile Manufacturers' Association. Sales of battery-electric vehicles increased by 60%, plug-in hybrids by 24%, and hybrids by 5.3%. At the same time, sales of gasoline cars fell by 20.6%, while diesel car sales declined by 28.2%.