European oil demand increased in May 2015 y-o-y, for another month, in line with the improvements in the economy in many parts of the region. The magnitude of increase was, however, smaller than in previous months, which contained baseline effects and cold weather, particularly during the first quarter of this year. Oil demand grew also in countries that are undergoing stringent austerity measures and aim to reduce their public debts.
Early indications for May 2015 showed some gains in Germany, France and the UK, while Italy continued to be on the decline. The positive momentum in auto sales, continuously increasing since August 2013, continued in May 2015, particularly in Poland and the Czech Republic. The general expectations for the regionís oil demand during the remainder of 2015 have remained stable since last monthís projections. Improvements in the economies of the majority of countries are counter-balanced by concerns regarding the economic development of specific areas in the region.
European oil demand is projected to increase in 2015 by 0.07 mb/d.