European oil consumption lowest since 1990s.

OECD European oil demand is forecast to drop by 190,000 bpd this year after falling 510,000 bpd in 2012, the International Energy Agency said, with consumption the lowest since at least 1995 and probably since the early 1990s. The decline is due to improved energy efficiency, the rise of alternative energy, and the slumping economy. In contrast to Europe, demand in non-OECD Asia, the Middle East and Latin America is expected to grow.