In November, Germany seemed to be the only source of fragility. But in December, the weakness popped up in many more European countries. According to Standard Chartered, in December, year-on-year declines in consumption were reported in:
France (-124,000 bpd)
Italy (-38,000 bpd)
the UK (-36,000 bpd)
the Netherlands (-85,000 bpd)
Overall, in OECD Europe, demand plunged by a staggering 755,000 bpd in December. Standard Chartered argues that the main threat to global oil demand (and oil prices) comes from Europe, not China.