Ekonomické zprávy

Oil imports to Germany increased from January to November 2022

According to the report from the Federal Office for Economic Affairs and Export Control (BAFA), from January to November 2022, the volume of crude oil imports to Germany increased by 9.4% per annum, to 80.8 million tons, while Russia remained the main supplier (26.2% of total oil imports). BAFA publishes import data with a delay of several months, which means that the impact of sanctions and Russia's retaliatory actions against energy flows is appearing only gradually. On December 5, the European Union banned the import of Russian oil, and the G7 countries set a price cap on Russian sea exports, reducing subsequent deliveries from Russia.

The data also showed that 23.3% of total oil imports came from the North Sea of Great Britain and Norway, while the share of imports from OPEC member countries was 17.5%. The rest of the oil came from Kazakhstan and the USA.

BAFA said that in the first 11 months of 2022, Germany spent 56.6 billion euros on crude oil imports, which represents an increase of 77.4% per annum.

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