Tuesday, November 8, 2011
The above graph shows OECD Europe oil consumption, monthly, from 1995 through June of this year. (The data are from the EIA - Eurostat only has annual data through 2009). There is a clear seasonal signal with consumption apt to peak each year in the late autumn and be in a trough in the spring.
You can also see that consumption peaked in 2006 and has fallen about 10% since then (similar to the fall in US consumption). There was a small recovery in 2010, but consumption was down further again in the first half of 2011. It's hard to see how the data could have rebounded in the second half given the ongoing financial crisis in the Eurozone but we'll have to wait a few months to know for sure.