Total SA (TOT, FP.FR) said Wednesday that a much-looked-at indicator gauging the health of the refining industry in Europe decreased further in the final quarter of last year.

Total's European refining margin dropped to $10.1 a metric ton, compared with $10.6 a ton in the third quarter 2013 and with a margin of $33.9 a ton in the final quarter of 2012.

The drop underscores the difficulties facing Europe 's refining industry, with the lingering economic denting gasoline and oil products consumption.

This led Total to cut its refining capacity in Europe over the past couple of years. The company's Chief Executive Christophe de Margerie has said the company is likely to close more plants in the short term.

The amount of oil processed by European refiners in September fell to its lowest level since April 1991, according to a report published by the International Energy Agency this month.

The European refining margin represents the margin after variable costs for a hypothetical complex refinery located around Rotterdam in northern Europe , processing a mix of crude oil and other inputs commonly.
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