2 Minute Read by Reuters Staff Reuters, FRANKFURT, June 28 – Official data revealed that German crude oil imports declined 10.8% year on year from January to April as the COVID-19 epidemic and related lockdowns struck the industry, but that year-on-year losses were lower than in January-March as the economy began to mend. According to data from the BAFA international trade office, oil volumes fell to 24.8 million tonnes in the first four months of the year, down from 27.8 million in the same period of 2020. In the same year, Russia accounted for 35.5 percent of Germany’s oil imports, followed by 21.9 percent from the British and Norwegian North Seas, and 15.0 percent from members of the Organization of Petroleum Exporting Countries (OPEC). The remaining funds came from a variety of sources, including the United States. In the time, Germany spent 9.2 billion euros ($10.98 billion) on crude imports, up 5.7 percent year on year, reflecting demand-driven oil price increases this year that have pushed current levels to their highest since October 2018. The average price paid for each tonne of oil at the German border in January-April was 372.11 euros ($444.19), up 18.0 percent from a year earlier, according to BAFA. 1 euro Equals 0.8377 dollars Vera Eckert contributed reporting. Mark Potter did the editing. Continue reading
