Downstream oil in brief: European demand outlook for 2022 Report

Insight 25 March 2022

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Report summary

European oil demand is expected to recover by just under 0.6 million b/d in 2022, increasing liquids demand to over 14.3 million b/d this year. However, this remains more than 0.7 million b/d (-5%) lower than pre-Covid levels in 2019. European retail prices continued to climb in February on the back of soaring crude prices that have reached multi-year highs. As a result, retail margins were weak for countries that were not able to pass on the cost to consumers.