Eurostat: Bulgaria Ranks 4th with 102% Oil Import Dependency Rate Chart

Business | September 2, 2019, Monday // 17:04| Views: | Comments: 0
Bulgaria: Eurostat: Bulgaria Ranks 4th with 102% Oil Import Dependency Rate Chart www.pixabay.com

In 2017 the European Union (EU) relied on net imports for 87% of its oil consumption. This ratio, known as the oil import dependency rate, is unchanged from 2016 and two percentage points below the peak of 89% recorded in 2015, Eurostat reported.

In 18 EU Member States, the levels of net oil imports were close to their oil consumption levels, with dependency rates lying between 96% and 104%. Dependency rates above 100% indicate a build-up of oil stocks, while negative dependency rates indicate a net exporting country.

The EU Member State with the highest oil import dependency rate in 2017 was Estonia (115%). At the other end of the scale, the dependency rate for the United Kingdom was 35% and -4% for Denmark. Bulgaria ranks 4th with 102% oil import dependency rate.

Import dependency on oil is calculated as the ratio of net oil imports (oil imports minus oil exports) to gross inland energy consumption of crude oil and petroleum products plus fuel supplied to international maritime bunkers).

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Tags: Oil Import Dependency Rate, eurostat, Bulgaria
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