German oil imports up 13.5% over the January-July period; invoice more than doubled

Russia remained the main supplier, holding a 30.5% share of Germany’s oil imports during the period, according to monthly statistics from the BAFA foreign trade office.

The German government is committed to eliminating oil imports from Russia by the end of the year under European Union sanctions imposed following Russia’s February 24 invasion of Ukraine. A week ago, he took control of a major Russian oil refinery in Schwedt, eastern Germany.

Some 23.6% of imports in the January-July period came from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) accounted for 16.0%.

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

BAFA publishes import data with a two-month delay.

The impact of the invasion of Ukraine, which led to economic sanctions against Russia and countermeasures in energy flows, is only gradually appearing.

January-July oil imports from all origins rose to 51.0 million tonnes from 44.9 million in the same months of 2021, BAFA said.

Germany spent 35.9 billion euros ($35.07 billion) on crude oil imports in the first seven months of 2022, 100.6% more than the comparable period of the previous year .

The average price paid per ton at the border increased by 76.4% compared to the same period a year earlier, standing at 702.95 euros, BAFA said.

Oil prices fell to levels not seen since January on Friday on fears of recession, after central banks around the world raised interest rates in an effort to rein in high inflation. There are widespread fears that tighter monetary policy will reduce economic activity, dampening demand for fuel.[O/R]

($1 = 1.0235 euros)

(Reporting by Vera Eckert; editing by Paul Simao)

James R. Rhodes