• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours Solving The Space Problem For America’s Solar Industry
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 24 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 19 hours If hydrogen is the answer, you're asking the wrong question
  • 5 days Investment in renewables tanking
  • 9 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
Conoco To Box Suncor Out Of Oil Sands Deal

Conoco To Box Suncor Out Of Oil Sands Deal

ConocoPhillips will snap up TotalEnergies'…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Jet Fuel Continues To Hold Back Crude Demand Recovery

Global demand for oil products other than jet fuel made a full recovery to pre-crisis levels in the third quarter of this year, thanks to the strong recovery of oil demand outside the aviation sector, data and analytics company GlobalData said on Thursday.

Global demand for kerosene, primarily used for jet fuel, has been at around two-thirds of pre-COVID levels throughout this year.

Including kerosene demand, total oil product demand was 3 percent below pre-COVID levels in the third quarter, GlobalData said.

Strong Chinese demand for gasoline, naphtha, and LPG has led the global recovery in oil demand so far this year, according to the analytics firm.

“Other major economies are still yet to see demand fully recover to pre-COVID-19 levels, but the strength of China’s growth plugs the gap. Still, the depressed aviation sector means a significant global demand shortfall, leaving open the prospect that we may have already seen peak oil demand — given the acceleration of energy transition to renewables,” said Will Scargill, Managing Energy Analyst at GlobalData.

Jet fuel demand was hit the worst since the start of the pandemic amid bans on international travel and quarantine requirements. Analysts have said that oil demand from the aviation sector will likely take until 2023 to fully recover to pre-COVID levels.

Recent travel restrictions in the wake of the Omicron variant will likely stall the recovery in jet fuel demand in the fourth quarter of this year, according to GlobalData.

Despite the lagging recovery of aviation fuel demand, major forecasters expect total annual global oil demand to reach pre-crisis levels next year.

Although the International Energy Agency revised down by 100,000 bpd its oil demand growth forecasts for this year and next earlier this week, the IEA expects oil demand to rise by 5.4 million bpd compared to 2020, and another 3.3 million bpd in 2022, reaching the pre-COVID levels of 99.5 million bpd.

OPEC also sees total oil demand back to pre-crisis levels in 2022, expecting a “mild and short-lived” impact of Omicron on overall consumption.


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News