Oil imports in Germany increase by about 15%, the bill doubles
German crude oil import volumes rose 14.6 percent in the first four months of 2022 as the economy recovered from the impact of the COVID-19 pandemic and the bill doubled due to higher prices, official data showed. on Wednesday.
Russia remained the main supplier, holding a 35 percent share of Germany’s oil imports in the period, monthly statistics from foreign trade office BAFA showed.
Imports at 21.5 percent were followed by the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 17.7 percent.
The remainder was split between other sources, including Kazakhstan and the United States.
BAFA publishes import data two months late.
This means that the impact of the Russian invasion of Ukraine on February 24, which has led to economic sanctions against Russia and countermeasures on energy flows, will begin to appear gradually.
German oil imports in January-April from all origins rose to 28.5 million tonnes from 24.9 million in the same month of 2021, BAFA said.
Germany spent 18.5 billion euros ($18.81 billion) on crude imports in the four months, up 99 percent from a year earlier.
The average price paid per tonne at the border increased by 74 percent on the same period a year ago, standing at 647.57 euros, BAFA said.
Brent crude oil prices on the global market pared some lost ground after a 9 percent sell-off on Tuesday on growing fears of a recession and lockdowns in China.
Prices had rebounded strongly during 2021 and early 2022 and hit their highest level since 2008 in March, driven by concerns about the impact of Russia’s invasion of Ukraine
They are still at the highest levels in these 8 years./REL