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Hebei Ladery Import & Export Co., Ltd. [Hebei,China] Business Type:Manufacturer , Trade Company Main Markets: Africa , Asia , Caribbean , East Europe , Europe , Middle East , North Europe , Oceania , Other Markets , West Europe , Worldwide Exporter:61% - 70% Certs:ISO9001, CE

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Germany's crude oil imports rose 14.6 percent in the january-April period from a year earlier, while imports doubled

2022-07-10

Germany's crude oil imports rose 14.6% year-on-year in the first four months of 2022 as the economy recovered from the coronavirus pandemic, official data showed on Wednesday, with higher prices doubling its import bill.

Russia remained Germany's biggest oil supplier, accounting for 35 per cent of its total oil imports over the same period, according to monthly data from the foreign trade office of the Federal Bureau of Economic And Export Control (BAFA).

This was followed by imports from the UK and Norway's North Sea at 21.5 per cent, while imports from members of the Organisation of The Petroleum Exporting Countries (OPEC) accounted for 17.7 per cent.

The rest is shared by other sources, including Kazakhstan and the United States.

BAFA delayed the release of import data by two months. This means that the impact of the conflict with Ukraine -- leading to economic sanctions against Russia and counter-actions on energy flows -- will only gradually begin to be felt.

Germany's oil imports from all sources rose to 28.5 million tons in the January-April period from 24.9 million tons in the same period in 2021, BAFA said.

Germany spent 18.5 billion euros on crude oil imports in the past four months, up 99% from a year earlier.

The average import price was 647.57 euros per tonne, up 74 percent from a year earlier, BAFA said.

Brent crude fell 9 per cent on Tuesday, before regaining ground, as fears of recession and a Chinese blockade intensified.

Oil prices rebounded strongly in 2021 and early 2022, reaching their highest level since 2008 in March on concerns about the impact of the Russia-Ukraine conflict on supply and a recovery in demand following the end of the blockade.

Oil prices, however, remain near eight-year highs.

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