US, CIS and North Africa - the main oil exporters to Europe

Europe imported 9.3 million barrels of oil per day (b/d) in 2024, making the continent one of the largest oil importers in the world. As the continent reduces its dependence on Russian oil, imports from the US increased by 6% in 2024, according to data from energyinst.org, cited by visualcapitalist.com.

Purchases from Russia fell to 3% of total oil imports by the European Union, compared to 27% in 2021, according to the data.

The United States was the largest supplier of crude oil to Europe in 2024, with 1.921 million barrels per day, making oil the most important commodity exported by America to the region. The Netherlands was the main European destination for US crude, largely due to the role of the port of Rotterdam as a major oil storage and trading hub. The United Kingdom, Spain and France also imported significant volumes, although at significantly lower levels.

• Libya - Italy's main source of supply

In second place in the ranking of crude oil exporters to Europe is the CIS (Commonwealth of Independent States), with 1.622 million barrels per day, and in third place is North Africa, which supplied almost 1.16 million barrels of crude per day to Europe. Libya was Italy's main source of supply in the first seven months of 2024, while African producers collectively generated about a quarter of Europe's total imports, both due to geographical proximity and abundant reserves.

West Africa sent about 1.12 million barrels per day of crude oil to Europe last year, South and Central America - 946 million barrels per day, Saudi Arabia - 774 million, Iraq - 766 million, Russia - 593 million, Mexico - 211 million, and Canada - 118 million. In places 11-15 in the ranking we find: the United Arab Emirates - 34 million barrels of oil per day, other Middle Eastern countries - 12 million, East and Southern Africa - 10 million, Kuwait - 6 million, other Asia Pacific areas - 2 million.

• Sources: Russia aims to boost oil exports from western Russia

Russia had planned in August to increase oil exports from western ports to nearly 2 million barrels per day (bpd), about 200,000 bpd more than initially expected, as activity at two refineries hit by Ukrainian drones was cut, according to sources cited by Reuters.

The affected refineries, Ryazan and Novokuibyshevsk, operated by Rosneft, were forced to shut down several distillation units after the attacks in early August, and repairs were expected to take about a month.

This redirection of crude volumes to exports comes as Russia and OPEC+ have already agreed to increase oil production starting in August, according to the source cited.

To support the additional export volume - increased from 1.77 million bpd to almost 2 million - Russia needs up to ten Aframax tankers, with a capacity of between 80,000 and 100,000 tons each, according to estimates by sources cited by Reuters.

In 2024, the Ryazan refinery processed about 262,000 barrels per day - almost 5% of Russia's total refining capacity - and Novokuibyshevsk processed about 115,000 bpd.

• OPEC revises up 2026 global oil demand forecast

The Organization of the Petroleum Exporting Countries (OPEC) last month estimated that global oil demand will grow by 1.38 million barrels per day in 2026, 100,000 barrels higher than its previous forecast, indicating a possible tighter supply-demand balance, according to Reuters. The estimate for this year remained unchanged.

At the same time, OPEC reduced its forecast for output growth from countries outside the OPEC+ alliance, which includes Russia and other partners, anticipating an increase of only 630,000 barrels per day in 2026, compared to 730,000 previously estimated, according to the cited source.

U.S. shale oil production is expected to fall by 100,000 barrels per day from last month's forecast, amid capital spending discipline, a slowdown in drilling and rising associated gas production.

In July, OPEC+ increased its output by 335,000 barrels per day, below the 411,000-barrel-per-day target set by the new quotas.