Tuesday, January 31, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Diesel

Jet Fuel Crisis Will Hurt Oil Demand For Years To Come | OilPrice.com

July 28, 2020
in Diesel
Jet Fuel Crisis Will Hurt Oil Demand For Years To Come | OilPrice.com
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Oil Holds Steady as Virus Concerns Weigh on Demand Hopes

Indian oil refiners cut runs as fuel demand dips, margins fade – ET Auto

Diesel Engine Oil Market Segmentation, Analysis by Recent Trends,

A very slow recovery in jet fuel demand will drag on global oil demand for at least another two years as overall passenger traffic numbers continue to be low and mandatory quarantines continue to stop people from traveling on international flights.   Demand for gasoline has picked up from the lows in April when most of the world was under lockdown, but demand for jet fuel continues to languish and is expected to grow only marginally next year from a very low base in 2020, analysts and international agencies say.  

A full recovery in jet fuel demand will probably have to wait until 2023, Bank of America (BofA) said in a recent commodities research report cited by The National.

The third quarter of 2021 will see the first meaningful rebound in jet fuel demand, before global demand returns to the pre-crisis level of around 8 million barrels per day (bpd) by 2023, according to the bank.

“The only way out of this for jet fuel seems to be a cure or a vaccine for Covid19,” The National quoted BofA as saying.

Vaccinating most of the population will likely take years, and vaccinating 2 billion people in the developed countries and China alone could take up to a year and a half, the bank says. And that assumes that a vaccine is indeed rolled out sometime next year, as reports suggest. And that’s not a certainty.

Recovery in the jet fuel segment will be the slowest and will lag a recovery in oil prices, according to BofA analysts.

Domestic passenger traffic in some countries such as China is up from the lows earlier this year, but international air travel continues to face headwinds as a resurgence in coronavirus cases brings back some restrictions that could discourage travel on commercial flights.

The UK, for example, ordered again on Sunday a 14-day self-isolation for travelers returning from Spain after a spike in COVID-19 cases in several Spanish regions, including in the city of Barcelona. Related: Oil Drops As Demand Recovery Stalls

Even in Asia, jet fuel refining margins slipped in the past week amid weak demand, and a trader in Singapore told Reuters that “The jet fuel market in Asia is still very volatile. Any strength in demand is not sustainable.”

Jet fuel is and will continue to be the worst-hit fuel in the pandemic, and second-wave or not, it is expected to take much longer to recover to the pre-COVID-19 levels than other fuels, Rystad Energy said in its latest oil demand projections.

Jet fuel demand will only partially recover next year, rising by just 800,000 bpd from this year’s low levels, as international travel will continue to be under pressure for the entire 2021, OPEC said in its first look into 2021 oil demand. Overall global oil demand is expected to rise by 7 million bpd in 2021, after an 8.9-million-bpd drop this year, the cartel said in its July Monthly Oil Market Report (MOMR).

The International Energy Agency (IEA) sees global oil demand rising to 97.4 million bpd in 2021, compared to an estimated 2020 demand as of July at 92.1 million bpd. Average global oil demand next year is expected to be 2.6…



Read More: Jet Fuel Crisis Will Hurt Oil Demand For Years To Come | OilPrice.com

Tags: AviationCOVIDcrisiscrude oilDEMANDEIAForecastfuelhurtJetJet FueloilOil PricesOilPricecomyears

Related Posts

Oil Search Slashes a Third of Jobs, Pledges More Senior Roles for PNG
Diesel

Oil Holds Steady as Virus Concerns Weigh on Demand Hopes

by Oil Market
July 30, 2020
0

MELBOURNE/SINGAPORE — Oil prices were little changed on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a...

Read more
Indian oil refiners cut runs as fuel demand dips, margins fade – ET Auto
Diesel

Indian oil refiners cut runs as fuel demand dips, margins fade – ET Auto

by Oil Market
July 29, 2020
0

Fuel demand in Asia's third largest economy had been rising since May from historic lows in April, when a...

Read more
Diesel Engine Oil Market Segmentation, Analysis by Recent Trends,
Diesel

Diesel Engine Oil Market Segmentation, Analysis by Recent Trends,

by Oil Market
July 29, 2020
0

New Jersey, United States,- The research report on Heavy Duty Diesel Engine Oils market comprises of insights in terms...

Read more
CNG outlets to reopen today as govt arranges fuel oil for power utility
Diesel

Pakistan’s oil demand set to bounce back after COVID pain

by Oil Market
July 28, 2020
0

Pakistan’s oil demand set to bounce back after COVID painKARACHI: Oil consumption in Pakistan is expected to rise after...

Read more
Reshaping Megatrends InVehicle Lubricating Oil Market With COVID-19
Diesel

Reshaping Megatrends InVehicle Lubricating Oil Market With COVID-19

by Oil Market
July 27, 2020
0

Latest Industry insights on “Present Vehicle Lubricating Oil Market Situations 2020 & Forecast 2021-2027” is depicted in this report....

Read more
June oil imports lowest in nearly nine years; none from Venezuela – ET Auto
Diesel

June oil imports lowest in nearly nine years; none from Venezuela – ET Auto

by Oil Market
July 26, 2020
0

In June, Iraq replaced Saudi Arabia as top oil supplier after a gap of two months, while UAE and...

Read more
Next Post
Oil and Gas Expert Think Tank Made 5 Business Model Predictions Which Will

Oil and Gas Expert Think Tank Made 5 Business Model Predictions Which Will

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Counties oppose activists’ efforts to intervene in oil, gas rules suit

Counties oppose activists’ efforts to intervene in oil, gas rules suit

3 years ago
Oil Climbs Again As Traders Wrestle With Ongoing Virus Fears

Oil Climbs Again As Traders Wrestle With Ongoing Virus Fears

3 years ago
Peony Essence Oil Market Analysis 2020 | COVID-19 Impact Research Report

Lubricating Oil Market Analysis 2020 | COVID-19 Impact Research Report With

3 years ago
Twinza, PNG Gov’t in Talks over Fiscal Terms for Offshore Field Development

Twinza, PNG Gov’t in Talks over Fiscal Terms for Offshore Field Development

3 years ago
Norway’s June crude oil output falls more than expected – ET Auto

Norway’s June crude oil output falls more than expected – ET Auto

3 years ago
Oil jumps 3% on supply cuts, improving demand

Oil jumps 3% on supply cuts, improving demand

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com