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German January-November oil imports fell by 2.8%

Wednesday, 20 January 2021 | 01:00

German crude oil imports for the first 11 months of 2020 were down 2.8% year on year after the COVID-19 pandemic and related lockdowns hit industrial activity, official data showed.

Oil volumes reaching Germany totalled 76.4 million tonnes for the January-November period, down from 78.6 million for the first 11 months of 2019, monthly statistics issued by the BAFA foreign trade office showed.

Russia accounted for 34.1% of Germany’s oil receipts in the period, followed by 21.6% from the British and Norwegian North Sea while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 16%.

The rest was shared among other sources, including the United States.

Germany spent 21.2 billion euros ($25.58 billion) on crude imports, 36.7% less than the same period of 2019, when market prices were much higher.

Average oil prices paid on the border were down 34.9% at 276.98 euros a tonne. ($1 = 0.8288 euros)
Source: Reuters (Reporting by Vera Eckert Editing by David Goodman)

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