*After a devastating Q2 in which Italy’s crude imports fell to a meagre 870,000 b/d, volumes rebounded by 19% to hit 1.04mn b/d in the third quarter. But such was the scale of Italy’s Covid-19 hit (MEES, 3 July), that even this bounce back represented a 26% fall on the same period last year.
*Even with the relative turnaround in Q3, Italy’s oil demand remains more depressed than other key European importers. For the first nine months of 2020 as a whole, Italy’s imports were down 21% year-on-year versus 18% for Spain and just 1% for Germany (see chart and table). Turkey likewise saw a strong rebound in Q3 volumes to leave 9M 2020 imports down just 3% year-on-year (MEES, 4 December). (CONTINUED - 423 WORDS)
