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Germany’s Jan-June oil imports rose 15.5%, bill more than doubled

German crude oil import volumes rose 15.5% in the first six months of 2022 year-on-year as the economy recovered from the COVID-19 pandemic and the bill more than doubled due to higher prices, official data showed on Thursday.

Russia remained the top supplier, holding a 31.8% share of Germany’s oil imports in the period, monthly statistics from the BAFA foreign trade office showed.

This was followed by 23.4% from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 16.6%.

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

BAFA releases import data with a two-month delay. The impact of Russia’s invasion of Ukraine on Feb. 24, which has led to economic sanctions on Russia and counter actions in energy flows, is therefore showing only gradually.

Oil imports in January through June from all origins increased to 43.5 million tonnes from 37.7 million in the same months of 2021, BAFA said.

Germany spent 30.0 billion euros ($29.85 billion) on crude imports in the six months, 105% more than a year earlier.

The average price paid per tonne on the border rose by 77.5% over the same period a year earlier, standing at 688.51 euros, BAFA said.

Brent oil prices rose on Thursday after Russia threatened to halt supplies to some buyers, although weighing on the market were concerns that China’s extension of COVID-19 lockdowns would slow global economic activity and hit fuel demand.

Earlier, they had fallen to their lowest levels since January.
Source: Reuters (Reporting by Vera Eckert; Editing by Richard Chang)

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