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
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.
1% growth, while previous calculations had put it at 0%. Q1 GDP was also revised higher. Germany’s Q4 2022 GDP was down 0.4%. According to Bloomberg, Germany’s economic output shrank in Q3 this year, with purchasing manager indexes PMI showing continued contractions in construction and manufacturing. The IEA is forecasting a drop in diesel demand for Germany by some 40,000 barrels per day a fall of around 4% for 2023.
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