Thomson Reuters: Greece imported large amounts of crude as ‘Grexit’ fears surged
A recent sector report by Thomson Reuters reveals that vessel tracking data for July 2015 showed that Greece’s imports of crude oil rose by a whopping 84 percent, month-on-month, with fears over Grexit during the tumultuous month given as the primary reason.
Contingency plans by partially state-run Hellenic Petroleum, El.PE, the country’s largest refinery group, are judged as accounting for the significant increase in crude oil imports.
According to Thomson Reuters analysts, with the exception of February and June, crude oil imports exceeded 10 million barrels per month, with March 2015, in fact, recording imports of 17.5 billion barrels. The report states that level of imports exceeds Greece’s current domestic consumption levels.