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Germany’s Jan-June oil imports dropped by 10% year on year

German crude oil imports in January through June fell 10% year on year as the COVID-19 pandemic and related lockdowns hit industry, official data showed.

Oil volumes in the six months fell to 37.7 million tonnes from 41.9 million in the same months of 2020, statistics from the BAFA foreign trade office showed.

Russia accounted for 33.6% of Germany’s oil imports in the period, followed by 19.4% from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 15.6%.

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

Germany spent 14.6 billion euros ($17.22 billion) on crude imports in the period, 22.7% more than a year earlier, mainly reflecting demand-led oil price gains.

Brent crude has rallied nearly 40% this year, also supported by supply cuts made by OPEC and allies, and some demand recovery.

Earlier on Monday, it hit a four-week high before easing back on Hurricane Ida’s weakening.

In the German Jan-June statistics, average oil prices paid for each tonne at the national border had been up 36.9% from a year earlier at 387.94 euros per tonne, BAFA said.
Source: Reuters (Reporting by Vera Eckert; Editing by Andrew Heavens)

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