German Jan-Oct oil imports up 11.1%, bill more than doubles

GERMANY-ECONOMY-OIL-IMPORTS:German Jan-Oct oil imports up 11.1%, bill more than doubles
GERMANY-ECONOMY-OIL-IMPORTS:German Jan-Oct oil imports up 11.1%, bill more than doubles Copyright Thomson Reuters 2023
By Reuters
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FRANKFURT – German crude oil import volumes rose 11.1% in the first 10 months of 2022 on a year-on-year basis as the economy recovered from the COVID-19 pandemic, while the bill more than doubled due to higher prices, official data showed on Friday.

Russia remained the top supplier, holding a 27.2% share of Germany’s oil imports in the period, monthly statistics from the BAFA foreign trade office showed.

On Dec. 5 2022, the European Union banned Russian crude imports and G7 countries set a price cap on Russian seaborne exports, reducing subsequent arrivals from Russia. The sanctions were part of Western nations’ response to Russia’s invasion of Ukraine last February.

Some 23.5% of German oil imports in the January-Oct period came from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 16.8%.

The rest was shared among other sources, including Kazakhstan and the United States.

BAFA releases import data with a few months’ delay meaning the effect of sanctions and Russian counter actions in energy flows specifically on Germany, the EU’s biggest economy, is appearing only gradually.

Germany’s oil imports in January through October from all origins increased to 73.6 million tonnes from 66.2 million in the same months of 2021, BAFA said.

The country spent 51.6 billion euros ($55.98 billion) on crude oil imports in the 10 months, 117.7% more than in the comparable year-earlier period.

The average price paid per tonne on the border over the 10 months rose 66.4% compared with the same period a year earlier, standing at 701.73 euros, BAFA said.

Global oil prices rose on Friday on track for a third straight week of gains. China has shown signs of more buying and traders have worried that sanctions against Russia could tighten supply.[O/R]

($1 = 0.9218 euros)

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