Oil demand is on the rise in Europe. Recent government statistics show a rise in European market for the first time in two years. The increase, seen in both April and May 2013, correlates to data pointing to a growth in economic activity around the same period, including Eurozone growth this year.
Oil demand has fallen dramatically in recent times. This increase is the first consecutive monthly rise since 2011 year on year, and the first quarter of oil demand growth for Europe since 2010. Safe to say any increase in oil demand was unexpected, but a welcome relief particularly since the Chinese economy, which has been supporting demand during Europe’s downturn, is showing signs of slowing. Diesel fuel has also experienced a boost this year, showing an overall growth in demand for fuels.
Although there are some positives to take from these latest figures, overall demand for oil still remains low. The increase may simply be down to the awful spring weather experienced throughout Europe, which was responsible for pushing the need for fuel and heating oil up during the spring months. Despite these doubts the International Energy Agency announced a rise in their European oil demand estimates for the second quarter by 2%.