German oil imports up 13.5% in January-July period; bill more than doubles



FRANKFURT, Sept 23 (Reuters) - German crude oil import volumes rose 13.5% in the first seven 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 30.5% share of Germany's oil imports in the period, monthly statistics from the BAFA foreign trade office showed.

The German government is resolved to eliminate imports of oil from Russia by the end of the year under European Union sanctions imposed in the wake of the Russia's Feb. 24 invasion of Ukraine. A week ago, it took control of a major Russian-owned oil refinery at Schwedt in eastern Germany.

Some 23.6% of imports in the January-July period came from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 16.0%.

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

BAFA releases import data with a two-month delay.

The impact of the invasion of Ukraine, which has led to economic sanctions on Russia and counter actions in energy flows, is appearing only gradually.

Oil imports in January through July from all origins increased to 51.0 million tonnes, from 44.9 million in the same months of 2021, BAFA said.

Germany spent 35.9 billion euros ($35.07 billion) on crude oil imports in the first seven months of 2022, 100.6% more than the comparable year-earlier period.

The average price paid per tonne on the border rose 76.4% over the same period a year earlier, standing at 702.95 euros, BAFA said.

Oil prices on Friday fell to levels not seen since January on recession fears, after central banks around the world hiked interest rates as part of an effort to curb high inflation. There are widespread fears that the monetary policy tightening will reduce economic activity, curbing fuel demand. ($1 = 1.0235 euros)
Reporting by Vera Eckert; editing by Paul Simao

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.