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Germany’s oil imports bill for Jan-May up 48.9%
Saudi Arabia wants crude oil prices to rise to $60/b in 2017

Germany’s oil imports bill for Jan-May up 48.9%

FRANKFURT: Germany spent 13.4 billion Euros ($15.18 billion) on crude oil imports in the first five months of the year, up 48.9 percent on the year due to higher prices, while the volume was just 0.6 percent higher, the BAFA foreign trade office’s data showed.

Russia was the top supplier, accounting for 38.8 percent of the total, up from 38.6 percent a year earlier, despite calls from the European Commission for European Union members to diversify away from Russian energy supplies.

UK and Norwegian supplies accounted for 21.6 percent of the total and 20.8 percent came from OPEC members, BAFA said in a statement on Wednesday.

Germany imported oil from 26 named countries in the first five months, and some small volumes came from five unspecified ones together.

Oil prices doubled to more than $50 a barrel in 2016 but have slipped below that level on rising OPEC exports and a stronger dollar.