Figure 1: EU oil consumption in transport (Stratas Advisors) Oil demand recovery driven by aviation in 2023 The recovery of oil demand in the EU was first spurred by the road and shipping sectorsʼ fuel uptake, which recovered by 98% and 92% respectively at the end of 2022. [...] The Russian-Ukraine war did not impact significantly the recovery of oil consumption in the EU The invasion of Ukraine by Russia highly impacted fossil fuel supply chains to the EU and globally. [...] The Port of Rotterdam, which is the main import hub in the Netherlands and in Europe witnessed a 10.8% decline in its throughput of petroleum products in 2022 due to “a structural fall in the imports and re-exports of fuel oil and the sanctions targeting A study by 13 Russia” [27]. [...] Remaining imports of Russian oil While the imports of oil products from Russia drastically decreased in 2022 and 2023 due to the implementation of sanctions, some oil kept flowing into the EU. [...] Figure 11: Sankey diagram of the selected countriesʼ increased exports in 2022 (Stratas Advisors) In order to assess how the EU oil imports diversification trends impacted the production profile of the top six exporter countries, we compared the 2021-2022 change in countries' crude production with the change in total exported volumes on the one hand, and in exported volumes to the EU, on the other.
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