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Chart of the Day: The IEA is Wrong on Europe’s Oil Demand
Summary
Figure (1) shows yearly trends in Europe’s oil demand, imports, exports, and inventories. The IEA revised up its estimates for oil demand in Europe for 2024 and now it is slightly higher than that of 2023 but is expected to decline in 2025. Kpler data shows that oil imports increased in 2024, but exports decreased while inventories declined.