According to Reuters’ article published on November 1, 2022, German crude oil import volumes rose 11.4% in the first eight months of 2022 on a year-on-year basis as the economy recovered from the COVID-19 pandemic, while the bill nearly doubled due to higher prices, official data showed on Tuesday.
Russia remained the top supplier, holding a 29.7% share of Germany's oil imports in the period, monthly statistics from the BAFA foreign trade office showed.
Germany is resolved to eliminate imports of oil from Russia under European Union sanctions imposed in the wake of Russia's invasion of Ukraine which will kick in from early December.
Some 23.3% of oil imports in the January-Aug period came from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 15.9%.
The rest was shared among other sources, including Kazakhstan and the United States.
BAFA releases import data with a two-month delay meaning the effect of sanctions and Russian counter actions in energy flows is only appearing gradually.
Germany's oil imports in January through August from all origins increased to 57.9 million tonnes from 51.9 million in the same months of 2021, BAFA said.
The country spent 40.9 billion euros ($40.38 billion) on crude oil imports in the eight months, 94.8% more than in the comparable year-earlier period.
The average price paid per tonne on the border over the eight months rose 74.7% compared with the same period a year earlier, standing at 706.62 euros, BAFA said.
Global oil prices rose on Tuesday on a weaker U.S. dollar.
Current prices of around $94 per barrel of Brent crude are up $10 from nine-month lows that were reached amid recession and inflation fears at the end of September.
