EU Monthly Oil Import Bill Surges by €9.9 Billion in Q2 2026

Key Facts

The European Union's monthly oil import bill rose by €9.9 billion in the second quarter of 2026 compared to the previous year, reaching an average of €27.6 billion. Euronews reported that the cost per tonne of oil climbed from €487 to €750, a 55.8% increase, even as import volumes grew by only 1.2%.

These pricing pressures emerge as economic data showed EU Consumer Confidence at -17.9 on October 22, 2026, while the Composite PMI stood at 51.9 on October 23, 2026. The surge in energy costs coincides with heavy European reliance on external imports and supply disruptions linked to ongoing geopolitical tensions in the Middle East.

The market is awaiting the release of the EU annual GDP growth rate on October 30, 2026, followed by the annual inflation rate data on November 4, 2026, which will clarify the impact of rising energy costs on broader economic growth.