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German Jan-July oil imports fell 1.9% yr-yr

FRANKFURT, Sept 30 (Reuters) - German crude oil imports in the first seven months of 2020 were 1.9% below those a year earlier as the coronavirus crisis and related lockdowns hit industrial activity, official data showed.

Overall oil volumes reaching Germany in January-July totalled 48.8 million tonnes, down from 49.7 million in the comparable period of 2019, monthly statistics issued by the BAFA foreign trade office showed.

Germany is suffering its deepest recession on record.

An unprecedented array of rescue and stimulus measures for companies and consumers has boosted hopes of a strong recovery, although rising infection number are clouding the outlook for the fourth quarter of this year.

Russia accounted for 35.0% of Germany’s oil receipts in the seven months, followed by 22.8% from the British and Norwegian North Sea, while imports from members of the Organization of the Petroleum Exporting Countries (OPEC) contributed 17.3%, the BAFA data showed.

Other sources, including the United States, provided the rest.

Germany spent 13.8 billion euros ($16.2 billion) on crude imports in the seven months, 36.1% less than a year earlier when market prices were much higher.

Average prices paid on the border per tonne in the period under review fell 34.7% to 283.79 euros.

$1 = 0.8530 euros Reporting by Vera Eckert, editing by Mark Potter

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