Thursday, December 2, 2010
I was curious to know whether the financial troubles in Europe where having much effect on European oil demand. If so, it's not too dramatic, as the blue curve in the graph above shows (from EIA data). 2010 European demand seems to be slowly recovering from the great recession, rather than plunging anew. If anything, it's "Other OECD" that's doing worst in 2010 (something that's mainly a function of Japan and seasonality). You could argue that European demand is recovering more slowly than US demand, but it's not a trend that stands out too dramatically from the noise.