FRANKFURT, Feb 7 (Reuters) - German crude oil import
volumes rose 9.4% in the first 11 months of 2022 on a
year-on-year basis as the economy recovered from the COVID-19
pandemic, while the bill rose sharply due to higher prices,
official data showed.
Russia remained the top supplier, holding a 26.2% 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 in February last year.
Some 23.3% of German oil imports in the January-October
period came from the British and Norwegian North Sea, while
imports from members of the Organization of the Petroleum
Exporting Countries (OPEC) contributed 17.5%.
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.
Total oil imports in January through November increased to
80.8 million tonnes from 73.9 million in the same months of
2021, BAFA said.
The country spent 56.6 billion euros ($60.68 billion) on
crude oil imports in the 11 months, 77.4% more than in the
comparable year-earlier period.
The average price paid per tonne on the border over the 11
months rose 62.3% compared with the same period a year earlier,
standing at 699.8 euros, BAFA said.
Global oil prices are strong on optimism around recovering
demand in China. ($1 = 0.9327 euros)
(Reporting by Vera Eckert, editing by Robert Birsel)
@EckertVera;))
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