The latest surge in oil prices is putting pressure on economies across Europe, but the impact varies significantly from one country to another. Bulgaria is not among the EU’s biggest oil importers, yet it is one of the countries most exposed to external energy shocks. In 2025, its net trade deficit in energy products reached 3.5% of GDP, the second-highest figure in the European Union after Malta, at 5.4%. Croatia followed closely at 3.4%.
The gap with some of Europe’s largest economies is substantial. Italy’s energy trade deficit stood at 1.9% of GDP, while Spain and Poland were both at 1.7%. Germany and France recorded 1.5% each. The figures were much lower in Denmark, at just 0.1%, Sweden at 0.5%, and the Netherlands at 0.6%.
Europe’s dependence on foreign oil is itself a major vulnerability. In 2024, EU countries imported 471.3 million tons of crude oil, compared with domestic production of only 15.5 million tons. Overall, 96.6% of the EU’s oil needs were covered by imports.
The United States, Kazakhstan and Norway were the three largest suppliers, each accounting for between 12% and 15% of EU imports. Libya supplied more than 9%, followed by Saudi Arabia with 6.8%, while Nigeria and Iraq each accounted for 5.8%. In 2025, only about 7% of EU crude oil imports came from countries belonging to the Gulf Cooperation Council.
