Official data released today, Monday, shows that "Germany's crude oil imports rose by 8.5% in 2022 as the largest economy in Europe recovered from the COVID-19 pandemic, and the cost of its purchases increased due to rising oil prices."
Statistics from the Federal Office for Economic Affairs and Export Control indicate that "Russia remained Germany's largest supplier, but its share decreased to 25.4% from 34.1% in 2021 after sanctions were imposed on Moscow."
In December 2022, the European Union banned imports of Russian crude, and the Group of Seven countries set a price cap on Russian seaborne exports, which subsequently reduced imports and pushed Germany to seek alternative supply sources this year.
Other major suppliers to Germany last year included the United States, Kazakhstan, the United Kingdom, Norway, and members of the Organization of the Petroleum Exporting Countries (OPEC).
The data shows that Germany spent €60.9 billion ($66.69 billion) on crude oil imports in 2022, compared to €35.5 billion in 2021.
The impact of the sanctions and Russian countermeasures on energy flows to Germany is progressively evident.
