European oil demand “continued to improve” over 2013

Europe’s need for oil will “improve” in 2014 according to the Middle Eastern oil group OPEC. The region’s demand for oil last year shrank by 0.19 million barrels per day […]

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By Vicky Ellis

Europe’s need for oil will “improve” in 2014 according to the Middle Eastern oil group OPEC.

The region’s demand for oil last year shrank by 0.19 million barrels per day (mb/d) because of deep economic crisis in several countries.

OPEC’s monthly oil report reckons demand in 2014 will decrease again but to a lesser extent, by 0.17 mb/d.

Over the year demand for gasoline, jet oil and kerosene and gas and diesel oil all rose in Europe’s ‘Big Four’ oil users – Germany, France, Italy and the UK – but demand for fuel oil, LPG (liquid petroleum gas) and other petrol products fell.

The four nations’ oil demand was “flat” in November 2013 compared to the same month a year before, with growing oil requirements for Germany, UK and France being more or less offset by declining oil demand in Italy.

Overall, the report states price volatility in crude markets remained low in 2013.