One third of German crude oil imports came from Russia in February

Germany is in the process of reducing its energy dependence on Russia at a rapid pace, as Federal Economics Minister Robert Habeck (Greens) just said on the occasion of the second Energy Security Progress Report presented at the beginning of May. For hard coal, he said, it is now at 8 percent and for gas at 35 percent. In the case of crude oil, Germany has now reduced its share to 12 percent. This is a rapid decline; in February, it was still more than a third. As BAFA data show, 2.4 million tons were imported from Russia in February, which corresponds to an import share of 35.7 percent. In February 2021, crude oil volumes from Russia were even slightly lower at 2.1 million tons.

In total, 6.8 million tons of crude oil were imported into Germany in the second month of the year, almost a quarter (+24 percent) more than in the previous year. The previous year's figures were much more strongly influenced by the Corona-restricting measures, which were associated with a significant drop in petroleum consumption. The second most important oil supplier in February was Norway, with the Scandinavian country delivering just under 1 million metric tons of crude oil to Germany. In third place in February was the USA, which exported 0.8 million metric tons of crude oil to Germany. This means that U.S. delivery volumes have more than doubled within the space of a year, from 0.3 million tons in February last year. Twenty percent of total crude oil imports in the first two months of the year came from British and Norwegian North Sea oil sources, while 15.1 percent was imported from OPEC member countries.

The pandemic effects of last year can be seen not only in the import volumes, but also in the marginal crude oil price. While the average price for a ton of crude oil free German border in February 2021 was still 366.58 euros as a result of contact restrictions and lockdowns, it was already 618.04 euros in February of this year. That is an increase of 68.6 percent and at the same time the highest value its nine years. The last time the border price was higher was in January 2013, when it was 630.46 euros.

In view of higher import volumes and a simultaneous increase in the price level, the German crude oil bill also became more expensive. It amounted to €4.2 billion in February, €2.2 billion higher than a year earlier.