00:00If Europe imports no Iranian oil, does the conflict with Iran impact trade?
00:08Europe imports almost no Iranian oil, but the continent is still economically exposed to the conflict in the Middle East.
00:16That's because oil prices are set on global markets and because of the Strait of Hormuz,
00:21one of the most important energy routes in the world.
00:24At least 20 million barrels of oil pass through the strait every day.
00:28Roughly one-fifth of global petroleum consumption.
00:30Large volumes of liquefied natural gas also transits this route.
00:34Direct trade between Europe and Iran is extremely small,
00:37accounting for roughly 0.03% of the EU's total imports, according to Eurostat.
00:44The EU imports almost no Iranian oil due to its sanctions on Tehran.
00:48But some European energy imports still rely on the shipping route itself.
00:52Around 6.2% of the EU's crude oil imports and 8.7% of its liquefied natural gas pass
00:59through the Strait of Hormuz.
01:00The EU imports oil from a range of suppliers.
01:03According to Eurostat, in 2024, the US accounted for about 16.1% of the EU's petroleum oil imports,
01:12followed by Norway with 13.5% and Kazakhstan with 11.5%.
01:17The Middle East still supplies part of Europe's oil,
01:21with Saudi Arabia counting for 7% of imports and Iraq about 5.7%.
01:26This means that regional tensions can still ripple through European energy markets,
01:31even if the continent imports little Iranian oil directly.
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