Germany\'s imported oil bill jumps 140 pct in first half

Published October 6th, 2000 - 02:00 GMT

The price paid for imported crude oil in Germany soared by 140 percent in the first half of 2000 compared to the same period 12 months earlier, the federal statistics office said on Thursday. 

 

Between January and June, Germany imported 51 million tonnes of oil, an increase of three percent, at a total cost of 10.38 billion euros (9.08 billion dollars), an increase of 140 percent, the office said. 

 

One tonne of imported crude oil cost an average 203 euros, a rise of 134 percent compared with the first six months of 1999, it added. 

 

But the price per tonne was still lower than in 1984-85, when it averaged the equivalent of 318 euros, the office noted. 

 

It identified Russia, Norway, Britain, and Libya as the country's main oil suppliers. 

 

One third of German oil imports came from the North Sea and the Commonwealth of Independent States (CIS), and just one quarter from members of the Organisation of Petroleum Exporting Countries (OPEC). 

 

The leap in the cost of imported oil was a result of a spike in crude oil prices, which reached a peak above 35 dollars a barrel in September. 

 

The International Monetary Fund (IMF) has forecast an average oil price this year of 26.53 dollars per barrel, a rise of 47.5 percent from 1999. 

 

In London trading Thursday, the price of benchmark Brent North Sea crude fell to 29.58 dollars per barrel after the US government awarded 30 million barrels of crude oil from its strategic petroleum reserve to US companies. - (AFP) 

 

 

© 2000 Mena Report (www.menareport.com)

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