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FRANKFURT, July 6 (Reuters) – German crude oil import volumes rose 14.6% within the first 4 months of 2022 year-on-year because the economic system recovered from the affect of the COVID-19 pandemic and the invoice doubled resulting from larger costs, official knowledge confirmed on Wednesday.
Russia remained prime provider, holding a 35% share of Germany’s oil imports within the interval, month-to-month statistics from the BAFA international commerce workplace confirmed.
This was adopted by 21.5% from the British and Norwegian North Sea, whereas imports from members of the Group of the Petroleum Exporting Nations (OPEC) contributed 17.7%.
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The remainder was shared amongst different sources together with Kazakhstan and the USA.
BAFA releases import knowledge with a two-month delay.
Which means the affect of Russia’s invasion of Ukraine on Feb. 24, which has led to financial sanctions on Russia and counter actions in power flows, will solely start to point out steadily.
German oil imports in January by means of April from all origins elevated to twenty-eight.5 million tonnes from 24.9 million in the identical months of 2021, BAFA stated.
Germany spent 18.5 billion euros ($18.81 billion) on crude imports within the 4 months, 99% greater than a yr earlier.
The common value paid per tonne on the border rose by 74% over the identical interval a yr earlier, standing at 647.57 euros, BAFA stated.
Brent oil costs within the international market clawed again some misplaced floor after a 9% unload on Tuesday on rising fears of a recession and lockdowns in China.
Costs had rebounded strongly by means of 2021 and early in 2022 and hit their highest stage since 2008 in March, pushed by considerations concerning the affect of Russia’s invasion on provide and recovering demand after the tip of lockdowns.
They’re nonetheless at practically 8-year highs.
($1 = 0.9833 euros)
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Reporting by Vera Eckert, modifying by Barbara Lewis
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