PARIS: French oil company Total, Europe's biggest refiner, said refining margins in the region had risen to an almost two-year high in the third quarter of 2014, recovering for the second consecutive quarter after a 4-year low hit early in 2014.

Total's European refining margins indicator ERMI rose to $29.9 in the third quarter from $10.9 in the previous quarter, a table showed on its website on Wednesday.

That was the highest level since the fourth quarter of 2012, historical data provided by Total showed.

The economic slowdown has hit European oil demand in the past few years, leaving European refineries operating at overcapacity, with margins shrinking.

But a recent drop in U.S. diesel exports due to refinery maintenance in the Gulft Coast hub and stock building ahead of the winter on the East Coast have provided some relief to European refiners.

Copyright Reuters, 2014