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FRANKFURT (Reuters) – Germany’s crude oil imports rose 8.5% in 2022 as Europe’s biggest economy recovered from the COVID-19 pandemic and the bill for its purchases soared as oil prices surged, official data showed on Monday.
Russia remained Germany’s biggest supplier but its share dropped to 25.4% from 34.1% in 2021, statistics issued by the BAFA foreign trade office showed, as Russia’s invasion of Ukraine led to sanctions.
On Dec. 5, 2022, the European Union banned Russian crude imports and G7 countries set a price cap on Russian seaborne exports, reducing subsequent arrivals, forcing Germany to find other sources of supply this year.
Germany’s other big suppliers last year were the United States, Kazakhstan, Britain, Norway, and members of the Organization of the Petroleum Exporting Countries (OPEC).
Germany spent 60.9 billion euros ($66.69 billion) on crude oil imports in 2022, compared with 35.5 billion in 2021, the data showed.
The impact of sanctions and Russian counter actions in energy flows specifically on Germany is appearing only gradually.
Germany’s total imports of crude last year rose to 88.2 million tonnes from 81.3 million in 2021.
Within the total, Russia accounted for 22.4 million, the United States for 12.1 million and Kazakhstan for 9.1 million, allowing for rounded figures.
($1 = 0.9132 euros)
Source: Investing.com
