31 Oct, 23

Germany Set For Major Drop In Oil Consumption Amid Lackluster Economy

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Germany, the European Union’s largest economy, is set to see a significant drop in oil consumption for 2023 as economic output shrinks, crimping demand for industrial fuels, Bloomberg reports, citing an interview with the International Energy Agency (IEA). With only Pakistan on track for a steeper decline worldwide, Germany is poised to lose 90,000 barrels-per-day of oil consumption, Bloomberg cited the IEA oil market analyst Ciaran Healy as saying.  “Oil product demand, which includes biofuels and direct crude burn, will fall…

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