Daily Energy Report
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Chart of the Day: Will Europe Be the Story of the Year in the Oil Market?
Summary
Figure (1) above compares Europe’s monthly oil imports in the first half of the year to that of 2023. The bars show the averages for each half. Europe imports have increased markedly. Since inventories (shown in Figure 2) and exports have declined, it means demand has increased, which is the opposite to IEA and OPEC expectations.