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European Products Demand


European products demand in Q1 are running close to a year ago after adjusting for the impact of the very mild weather. Although preliminary data for products demand in main European countries so far this year are still showing y-on-y declines for total products.

After adjusting for the continued very mild winter weather during the first few months of this year, European products demand may have actually been running close to year-earlier levels. In Spain in particular, there were some further signs of demand strength in March, where main products sales rose by about 5% (fuel oil +17%), after slight y-on-y growth in January/February. However, the underlying trend in Europe is still on the weak side, though slowing from the 2-3% pa declines seen since 2007.   


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