Markets

Germany's Jan/March oil import bill down 37pc yr-yr

Published May 9, 2016 Updated May 9, 2016 01:35pm

1 min

By Shoaib Ur Rehman

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FRANKFURT: Germany spent 5.1 billion euros ($5.8 billion) on crude oil imports in the first three months of this year, 37 percent less than a year earlier due to lower prices, while volumes only declined marginally, BAFA foreign trade office data showed.

Russia was the main supplier, shipping 37.2 percent of the total into Germany over the two months, while 23.6 percent came from the British and Norwegian North Sea, and 15.7 percent from OPEC members, BAFA said on Monday.

The proportion of Russian imports rose from 33.9 percent in the same period last year, despite the dispute with Russia over Ukraine and European Commission calls for EU members to diversify away from Russian energy supplies.

Germany imported oil from 27 specified countries in the three months. Over the course of last year, a total of 39 specified origins were listed.

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