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Will Germany succeed in halving its Russian oil exports?

Russian oil exports

Berlin, (Business News Report)|| Germany has started its actual steps to halve its Russian oil exports by the middle of next year 2023, according to German Economy Minister Robert Habeck.

Habeck also said that with “the end of summer and the arrival of autumn, Germany could completely abandon Russian coal.”

The German minister also confirmed that independence from Russian oil exports can be achieved, except for a few percentages, by the summer of 2024.

Habeck spoke of Germany’s great successes in reducing its dependence on Russian oil imports in a short period of time, as Western countries cut economic ties with Moscow as punishment for its invasion of Ukraine.

He said that Germany is rapidly reducing its energy dependence on Russia and placing its energy supplies on a broader basis.

Germany is looking for an alternative to Russian gas in Qatar and the UAE, at a time when Europe is working to reduce its dependence on Russia.

The United States and Europe have also imposed economic sanctions on Russia, and are trying to reduce its dependence on Russian gas, which supplies Europe with nearly 40% of its value.

In turn, Habeck announced that he intends to visit Qatar and the UAE to explore the possibility of obtaining LNG supplies.

Reuters agency quoted Habeck as saying that he will visit Qatar and the UAE soon to explore the possibility of obtaining liquefied natural gas, and a deal related to hydrogen, in order to reduce Berlin’s dependence on Russian energy imports.

“The goal is to establish a hydrogen partnership in the medium term and put it into a political framework,” Habeck said.

He also indicated that he would be accompanied by about 20 representatives of German companies, many of them from the energy sector.

According to Reuters, the German minister also wants to discuss LNG supplies in the short term, and to give companies that guarantee the provision of gas supplies in Germany the political framework to become independent of Russian gas.

Since Russia’s invasion of Ukraine on February 24, Minister Habeck has launched several initiatives to reduce Germany’s dependence on Russia for energy, including large orders for non-Russian liquefied natural gas, plans to establish an LNG import terminal, and no rush to abandon the use of coal.


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