Germany’s Jan-March oil imports drop by 15.6pc year on year

German crude oil imports in January through March fell 15.6% year on year as the COVID-19 pandemic and related lockdowns hit industry but year-on-year losses were lower than in January-February as the economy did start to improve, official data showed.

Oil volumes in the three months fell to 18.6 million tonnes from 22.1 million in the same months of 2020, statistics from the BAFA foreign trade office showed.

Russia accounted for 34.6% of Germany’s oil imports in the period, followed by 22.9% from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 13.7%.

The rest was shared among other sources, including the United States in third place.

Germany spent 6.8 billion euros ($8.29 billion) on crude imports in the period, 13.9% less than a year earlier, reflecting the drop in volumes and the impact of lower oil prices early in 2021.

However, Brent crude prices started rallying in February, briefly regained pre-pandemic levels above $70 in March, and have settled between $62 and $70 since then, which will show in coming months’ statistics.

Average oil prices paid for each tonne at the German border in January/March were already 1.4% up from a year earlier at 364.4 euros, BAFA said.
Source: Reuters