US Becomes EU's Main Oil Supplier in 2022 as Russian Exports Plummet

MOSCOW (Sputnik) - The United States became the main oil exporter to the European Union in 2022, while Russia's share plummeted from 31% to 4% over the year, Eurostat, the statistical office of the EU, said on Tuesday.

"The decline in imports from Russia was compensated by a rise in imports from other sources. In December 2022, the biggest suppliers of crude oil were the United States ... and Norway," the statement said.

Oil supplies from the US amounted to 18% of the EU's total oil imports in December 2022, the statement said, adding that Norwegian oil made up to 17% of aggregated oil supplies in 2022.

Imports from Libya and the United Kingdom have also slightly risen, while imports from Kazakhstan and Iraq remained at the same levels, the statement said.

Eurostat attributed the changes in oil import patterns to the geopolitical situation, namely Russia's special military operation in Ukraine, which started on February 24, 2022, and the subsequent Western sanctions. Before the conflict outbreak, the price was stable at around $80 per barrel, however, after February 24, the market became more volatile with crude oil prices starting to rise significantly and stabilizing only by the end of the year, according to the statistical office.

In December, the EU stopped accepting Russian oil transported by sea. The G7 countries, Australia and the EU imposed a price cap of $60 a barrel for Russian crude oil transported by sea, blocking transport of oil bought at higher prices. In retaliation, Russia prohibited selling its oil abroad if supply contracts provide for a price cap mechanism.