Three reasons why European oil demand will decline again from 2017



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Report summary

European oil demand fell every year between 2006 and 2014, dropping by a total of 2.5 million b/d as high oil prices coupled with a flagging economy to stem oil product consumption. But in 2015 this trend reversed and we have seen growth in oil demand of 620 kb/d in the last two years. We believe this recovery will be short-lived and from the second half of 2017 we forecast a return to the structural decline in European oil demand. 

What's included

This report contains

  • Document

    Three reasons why European oil demand will decline again from 2017

    PDF 300.12 KB

Table of contents

    • Auto-diesel:
    • Gasoline:
    • Gasoil:
    • Jet:
  • 2. In 2015 developing economies outpaced mature markets, but growth has slowed
  • 3. Low petrochemical plant maintenance in 2016
  • Outlook and risks
  • Conclusion

Tables and charts

This report includes 5 images and tables including:


  • North-West European auto-diesel demand and retail price
  • European industrial production (rebased to 2011)
  • Diesel/gasoil demand growth - new vs old demand centres
  • European petrochemical plant maintenance
  • OECD Europe jet demand index vs industry indicators (rebased to 2013)

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