German Jan-Nov oil imports up 9.4%, invoice up 77.4%

FRANKFURT (Reuters) – German import volumes rose 9.4% within the first 11 months of 2022 on a year-on-year foundation because the financial system recovered from the COVID-19 pandemic, whereas the invoice rose sharply attributable to greater costs, official knowledge confirmed.

Russia remained the highest provider, holding a 26.2% share of Germany’s oil imports within the interval, month-to-month statistics from the BAFA overseas commerce workplace confirmed.

On Dec. 5, 2022, the European Union banned Russian crude imports and G7 nations set a worth cap on Russian seaborne exports, decreasing subsequent arrivals from Russia. The sanctions have been a part of Western nations’ response to Russia’s invasion of Ukraine in February final yr.

Some 23.3% of German oil imports within the January-October interval got here from the British and Norwegian North Sea, whereas imports from members of the Group of the Petroleum Exporting Nations (OPEC) contributed 17.5%.

The remaining was shared amongst different sources, together with Kazakhstan and america.

BAFA releases import knowledge with a couple of months’ delay which means the impact of sanctions and Russian counter actions in power flows particularly on Germany, the EU’s greatest financial system, is showing solely regularly.

Whole oil imports in January via November elevated to 80.8 million tonnes from 73.9 million in the identical months of 2021, BAFA stated.

The nation spent 56.6 billion euros ($60.68 billion) on crude oil imports within the 11 months, 77.4% greater than within the comparable year-earlier interval.

The typical worth paid per tonne on the border over the 11 months rose 62.3% in contrast with the identical interval a yr earlier, standing at 699.8 euros, BAFA stated.

International oil costs are sturdy on optimism round recovering demand in China.[O/R]

($1 = 0.9327 euros)