German Jan-August Oil Imports Fell 2% Versus Year Ago

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