Germany spent 15.9 billion euros ($18.88 billion) on crude imports in the eight months, 35.4% less than a year earlier when market prices were much higher.
OILMONSTER.COM- German crude oil imports in the first eight months of 2020 were 2% below those a year earlier as the coronavirus crisis and related lockdowns hit industrial activity, official data showed on Wednesday.
Oil volumes reaching Germany in January-August totalled 55.9 million tonnes, down from 57.0 million in the comparable period of 2019, monthly statistics issued by the BAFA foreign trade office showed.
Germany is suffering a deep recession, which it is fighting with state spending designed to offset the impact of the pandemic.
This has helped to trigger a modest recovery but economic sentiment is uncertain because of a spike in new infections.
Russia accounted for 34.5% of Germany’s oil receipts in the eight months, followed by 22.9% from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 17.2%, the BAFA data showed.
Other sources, including the United States, provided the rest.
Germany spent 15.9 billion euros ($18.88 billion) on crude imports in the eight months, 35.4% less than a year earlier when market prices were much higher.
Average oil prices paid on the border in the period under review fell 34.1% to 283.68 euros per tonne.
Courtesy: www.reuters.com
United States Crude Oil Prices | |||
---|---|---|---|
COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 66.67 | +0.25 | |
Alabama Light Sour | 74.08 | +0.28 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 79.08 | +0.28 | |
Alabama/ Florida Panhandle | 75.82 | -1.30 |
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