German Oil Demand Drops as Europe’s Industrial Powerhouse Stalls
- Consumption decline seen as second-largest globally in 2023
- Usage of fuels regarded as economic bellweathers has fallen
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Oil consumption in Germany is set for a sharp slump this year as the malaise in Europe’s largest economy subdues demand for vital industrial fuels.
Germany’s overall oil usage is forecast to drop by about 90,000 barrels-a-day this year, according to the Paris-based International Energy Agency. That decline is being driven by sharp contractions in demand for diesel and naphtha — both closely linked to economic activity.