European nations' energy dependence on Gulf remains high amid crisis

European countries face a renewed energy crisis as escalating Middle East conflict halts critical shipments from the Persian Gulf and sends international prices soaring. While Europe has traditionally been less reliant on the Gulf than Asia—sourcing more natural gas from the US and Norway—the continent remains vulnerable to global price shocks following years of instability triggered by the war in Ukraine.

Major importers exposed

The Netherlands led European energy imports in 2024 with $105 billion, followed by France at $73 billion and Germany at $66 billion, according to New York Times research. The UK and Spain maintained significant exposure with imports totaling $62 billion and $53 billion respectively, while Italy recorded $50 billion in energy trade. Belgium and Poland also contended with disruptions as their 2024 imports reached $47 billion and $28 billion, forcing the EU to weigh the impact of higher costs on inflation and mortgage rates.

Dependency rates vary

Among European nations, Greece had the highest level of dependence on Gulf countries for energy, purchasing 36% of all its energy imports from the region. Lithuania followed with 32%, Poland with 30%, Serbia with 29%, and Bulgaria and Slovenia both with 23%. Italy had the largest share among major European economies with 22%, while France's dependency stood at 18%, the UK at 11%, and Germany at 7%. The figures underscore how the ongoing conflict—with US-Israeli strikes on Iran since Feb. 28 and Tehran's retaliatory attacks—threatens energy security across the continent.