How much oil does Italy import from Russia?
The United States wants to ban oil imports from Russia. But Europe is very dependent on it, especially Germany. What is the situation in Italy instead? All data
The United States is discussing with Europe the possibility of banning oil imports from Russia in retaliation for the invasion of Ukraine. This was announced last Sunday by the US secretary of state, Antony Blinken.
The damage to the Russian economy would be enormous, given that the country's GDP depends on revenues from foreign sales of hydrocarbons: that is natural gas and – even more important for the state coffers – crude oil.
However, there is not a complete alignment between Europe and America. In fact, while the United States, which is the largest oil producer in the world, purchases about 7 per cent of the total imported from Russia, Europeans are much more dependent: about 40 per cent, collectively. Russian barrels are worth more than 30 percent of imports for Germany.
In the event of a ban on Russian oil, oil prices – already very high: the Brent benchmark is close to $ 140 per barrel – could reach $ 200, affecting the cost of gasoline. Russia is the third largest oil producer in the world.
HOW MUCH THE OIL OF RUSSIA MATTERS FOR ITALY
Italy imports seventy-two different types of crude oil from twenty-two countries around the world. In 2021, it purchased 5.1 million tons of crude oil from Moscow, 10 percent of the total imported; compared to 2020, the decline was 1.9 percent.
THE NUMBERS OF LIMES
“Russia is the third largest producer in the world, but the United States is the first and imports ridiculous quantities. Quite the opposite with respect to Germany, which buys 30% of its needs (Italy has much more room for maneuver, given that it imports only 13% of its oil from Russia) ”, wrote Limes .
WHAT EUROPE SAYS
In recent days, the president of the European Commission, Ursula von der Leyen, did not want to answer a direct question from CNN on the American proposal, reports Energia Oltre . While the German foreign and finance ministers have been openly opposed to a ban on imports of gas, oil and coal from Russia.
THE CONSUMPTION OF OIL IN ITALY IN 2021
In 2021, Italian oil consumption amounted to 55.3 million tons, with an increase of 9.8% (+4.953.000 tons) compared to 2020, recovering about half of the total volumes lost in 2019 (-4.927.000 tons, equal to -8.2%), according to Unem data .
CONSUMPTION DATA IN JANUARY 2022
In January this year, total oil consumption was approximately 4.2 million tons, up 10.1% (+389,000 tons) compared to the same month in 2021, but still 11% lower than in the previous year. January 2020 (when the pandemic emergency had not yet broken out).
WHO WE IMPORT OIL FROM
On the other hand, if we consider the origin of the imported crude oil, the latest unem data available show that in the first eleven months of 2021 the oil imported into Italy increased by 13.5% compared to the same period in 2020; there was a strong growth in arrivals from Africa and the North Sea, while those from the Middle East and America were down. Growth for Azerbaijan (first supplier with a weight of 22.3%) and Libya, second supplier with a share of 18.5%.
IMPORTS FROM RUSSIA
And from Russia? From January to November of last year, our country imported 5.140 million tons of oil – about 10% of our needs – and in the same period the cost of imported crude oil in Italy increased by 59.9% over the year. previous due to the comparison with spring 2020, when prices were at their lowest. Thanks to the strengthening of the euro, the increase expressed in euro is slightly lower than the dollar price which would otherwise have risen by 67%.
HOW MUCH PETROLEUM PRODUCTS RUSSIA
Data from the Russian government shows that total annual production of oil and gas condensates during 2021 averaged 10.5 million barrels per day, which is more than 2% higher than the previous year. In 2022, the Ministry of Energy forecasts that the average annual daily production of crude oil will rise between 10.84 million and 11.05 million barrels, an increase from 3% to 5% compared to 2021.
According to Russian Deputy Prime Minister Alexander Novak in an interview with Rossiya 24 television channel, approximately 524 million tons of total production were extracted in the country last year.
HOW MUCH PETROLEUM ITALY PRODUCES
Italy also has its oil fields, mainly located in Basilicata, Sicily and in some marine concessions along the Adriatic coast and the Sicilian Channel. Based on the 2021 data of the Mise, our country produced 4.8 billion kg of oil (about 3.5 million barrels of oil considering that each barrel contains about 135 kg of crude oil) of which 3.9 from Basilicata which confirms the largest land deposits in Europe (about 2.8 million barrels of oil)
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/italia-petrolio-russia-importazioni/ on Tue, 08 Mar 2022 10:13:35 +0000.