Germany Crude Oil Imports Soared in 2022, Russia Remains Top Supplier Despite Sanctions

Germany's crude oil imports rose 8.5% in 2022 as Europe's largest economy recovers from the Covid-19 pandemic, official data showed on Monday. The spending on crude purchases rose sharply as prices soared. Statistics released by the Federal Office for Economic Affairs and Export Control (BAFA) show that despite the sanctions resulting from the Russia-Ukraine war, Russia remains Germany's largest supplier, but its share fell from 34.1% in 2021 to 25.4%.

On December 5, 2022, the European Union banned the import of Russian crude oil, and the Group of Seven (G7) countries imposed a price cap on Russian seaborne crude oil exports, resulting in a subsequent reduction in imports and forcing Germany to look for other sources of supply this year. Germany's other major suppliers last year were the United States, Kazakhstan, Britain, Norway and members of OPEC.

Sanctions and Russia's counteraction have not had a huge impact on Germany. Germany's total crude oil imports rose to 88.2 million mt last year from 81.3 million mt in 2021. Russia supplied some 22.4 million mt, the United States supplied 12.1 million mt, and Kazakhstan contributed 9.1 million mt.