Here’s Who Is Gaining from Record Low Oil Prices

European stocks slumped on Wednesday as a result of the latest fall in crude oil, but the collapse in energy prices is actually a boon for the region, the CEO of one of Europe’s biggest transportation and energy companies told CNBC.

As net importers of oil, European countries are beneficiaries of the slump in WTI and Brent crude futures to below $28 per barrel, Nils Andersen, the head of Maersk Group, said on Wednesday.

“The lower oil price is a boost to the European economy. You are seeing the economy in Europe growing, in spite of us not having made an awful lot of structural changes to the countries’ economies. So I think there are a lot of hidden pluses of these lower oil prices,” he told CNBC at the World Economic Forum in Davos, Switzerland on Wednesday.

U.S. light crude, also known as WTI, oil declined by around 3.3 percent in European trade to around $27.50, its lowest since 2003. Oil prices have slumped since mid-2014 because of supply-demand imbalances.


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.