While oil demand in aviation hasn't reached pre-pandemic levels, a rise in business aviation has helped. Credit: Adobe Stock
Key Takeaways:
Global oil product demand has largely recovered to pre-COVID levels in most sectors, but depressed aviation-sector kerosene demand is preventing a full overall recovery.
China has been the primary driver for the global oil demand recovery, with strong growth in its transport and petrochemicals sectors, compensating for slower recovery in other major economies.
While overall jet fuel demand remains below 2019 levels, business aviation activity has significantly surpassed pre-pandemic levels, and commercial traffic is recovering, though current demand is outpacing production, causing supply chain disruptions.
It’s been a good year for oil around the world in most sectors, all except one: aviation, according to a new report by a U.K.-based data analytics organization.
The depressed demand for aviation-sector kerosene, a primary ingredient in jet fuel, is all that stands in the way of a full recovery for oil products in the third quarter in 2021, GlobalData said.
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