Germany’s January oil imports drop 14.4% year on year

FRANKFURT: German crude oil imports in January fell by 14.4% year on year as the Covid-19 pandemic and related lockdowns hit industrial activity, official data showed on Friday.
Oil volumes fell to 6.5 million tonnes from 7.6 million in the same month of 2019, statistics from the BAFA foreign trade office showed.
Russia accounted for 33.8% of Germany‘s oil imports in the period, followed by 23.7% from the British and Norwegian North Sea, while imports from members of the organization of the petroleum exporting countries (OPEC) contributed 17.0%.
The rest was shared among other sources, including US.
Germany spent 2.1 billion euros ($2.48 billion) on crude imports in the month, down 36.4%, reflecting lower oil prices.
Average oil prices paid at the border in December were down 24.9% at 327.63 euros per tonne.

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