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Commodities Briefing - Categorized | Market Moves, Oil more

European Oil Demand to Stagnate this Year, Says OPEC

Posted on 17 May 2016

European oil demand is stagnating after a warm winter in the first quarter coupled with the fading impact of low prices halted the growth seen last year, according to OPEC’s monthly report. Downside risks to demand are also multiplying from the debt pile weighing on several countries, high taxes in the transportation sector, and rising sales of hybrid or electric cars.
European oil demand is expected to grow just 10,000 b/d this year compared to 260,000 b/d last year, the OPEC analysts estimate. Demand fell 120,000 b/d in the big four countries of Germany, France, Italy and the U.K. in March from a year earlier, the report notes………………………………………..Full Article: Source


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