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EU Diesel Demand Slumped in 2023

OIL PRODUCTS

Diesel/gasoil demand in OECD Europe declined by around 200kbpd in 2023, or around 10mn tons, IEA estimates showed, weighed on by the switch away from diesel cars and lower demand from the European manufacturing sector according to OPIS.

  • Sales of new diesel cars in the EU plunged to 1.4mn units last year, down from 6.6mn registrations in 2017.
  • Europe’s manufacturing sector remains in deep contraction, especially in Germany, which also weighs on consumption.
  • The EU 27 and UK increased diesel imports from the Middle East in 2023 by 7.8mn tons on an annualized basis compared with 2021 and 2022, US imports by 5.8mn tons, Indian imports by 5.2mn tons and Turkish imports by 2.7mn tons, following the ban on Russian oil product imports.
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