Germany's Jan-May oil imports drop by 11.4% year on year

  • 7/16/2021
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FRANKFURT, July 16 (Reuters) - German crude oil imports in January through May fell 11.4% year on year as the COVID-19 pandemic and related lockdowns hit industry, official data showed on Friday. Oil volumes in the five months under review fell to 31 million tonnes from 35 million in the same months of 2020, statistics from the BAFA foreign trade office showed. Russia accounted for 34.5% of Germany’s oil imports in the period, followed by 20.2% 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 the United States. Germany spent 11.8 billion euros ($13.93 billion) on crude imports in the period, 15.7% more than a year earlier, mainly reflecting demand-led oil price gains this year. Current prices, however, have been receding for a number of sessions in the biggest weekly fall since March, due to mounting supply pressure. In the German Jan-May statistics, average oil prices paid for each tonne at the national border had been 31% up from a year earlier at 379.26 euros, BAFA said. ($1 = 0.8472 euros) (Reporting by Vera Eckert; Editing by Andrea Ricci)

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