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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
- Germany’s oil consumption is expected to have plummeted in 2023, driven by falls in diesel and naphtha, as sluggish industrial output hampers oil demand, according to Bloomberg.
- Germany’s oil consumption is forecast to fall by 90k b/d in 2023, equivalent to around 4%, according to IEA forecasts.
- The IEA forecasts Germany’s oil product consumption decline - including biofuels and direct crude burn - will be steeper than any OECD country, and only Pakistan will have a larger fall.
- Diesel consumption is forecast to fall by 40k b/d, around 4%, while naphtha consumption is set to fall by 40k b/d, equivalent to around 13%.
- Germany’s appetite for oil has been hampered by hitting economic speed bumps, amid contractions in both the construction and manufacturing sectors.
- A move to gasoline and electric vehicles is also likely to have a long-term structural impact on Germany’s diesel demand, the IEA said.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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