Norway overtakes Russia as largest oil supplier

04/06/2015 15:00

In 2008, the Russian Federation accounted for one third of Dutch crude oil imports. Six years later, the share had been reduced to one quarter. At the same time, crude oil exports from Norway to the Netherlands nearly tripled. Statistics Netherlands (CBS) reported today that, in the fourth quarter of 2014, the volume of crude oil imported from Norway was even larger than the volume imported from Russia, although, on an annual basis, the volume of Russian oil imports was still marginally higher than from Norway.

Volume crude oil imports, 2008-2014 by quarter

Crude oil imports from Russia rapidly down in 2014

In recent years, Russia has been the main supplier of crude oil for the Netherlands. In the course of 2014, Dutch imports of crude oil from Russia fell dramatically. Simultaneously, crude oil imports from Norway rose rapidly. Over the entire year 2014, the volume of imports of Russian petroleum declined by 17 percent, but imports from Norway soared by 40 percent.

Main import countries crude oil (volume), 2008 vs 2014

Russia and Norway account for nearly half of total crude oil imports

Crude oil is the most important product imported from Russia. Last year, 57 billion kg of crude oil, worth 36 billion euros were imported into the Netherlands. Nearly half came from Russia and Norway. A substantial part of imported crude oil is processed in the Netherlands and turned into refined petroleum derivatives. These products are largely intended for export. In the period 2008-2014, total imports of crude oil grew by 13 percent. Over the same period, crude oil imports from Russia declined by 16 percent. In 2014, the volume of crude oil imported from Iraq and Nigeria also increased substantially compared to 2008.

Main import products from Russia and Norway, 2014

Oil dominates imports from Russia and Norway

In various respects, Norway and Russia are similar countries for Dutch imports of goods. With an import value of more than 18 billion euros, Russia was the sixth largest trading partner of the Netherlands last year. Norway occupied eighth place with nearly 15 billion euros. Dutch imports from both countries are dominated by mineral fuels, like oil (products) and natural gas. Most oil imported from other countries is processed into refined petroleum derivatives in the Netherlands.