• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 4 hours U.S. Presidential Elections Status - Electoral Votes
  • 6 hours .
  • 7 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 15 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Joe Biden's Presidency
  • 3 days Сryptocurrency predictions
  • 2 days CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
Oil Prices Rally Despite Bearish Backlash

Oil Prices Rally Despite Bearish Backlash

Oil prices have remained surprisingly…

Hedge Funds Increase Bullish Bets On Oil

Hedge Funds Increase Bullish Bets On Oil

Money managers have accelerated buying…

OPC Markets

OPC Markets

OPCMarkets was created to offer a way to trade on the world’s best source of energy intelligence. We are a joint venture between OilPrice.com, the…

More Info

Premium Content

Shell Sees Return To ‘Normal’ Oil Demand In 2022

Royal Dutch Shell expects global oil demand to return to some sort of normalcy next year, chief executive Ben van Beurden said on Thursday as the supermajor reported another set of weak Big Oil results affected by the pandemic.

“I believe 2022 is going to be sort of back to normal” regarding global oil demand rebounding to the levels seen before the pandemic, Argus quoted van Beurden as saying.   

Full recovery of oil consumption will have to wait for a recovery in the aviation industry, Shell’s top executive said.  

“Aviation will be a very significant contributor to that remaining recovery that we need to see,” said van Beurden, echoing estimates from analysts who see jet fuel demand as the main drag on global oil demand recovery.

Continued low demand for jet fuel will account for 80 percent of the 3.1-million-bpd gap in oil demand this year compared to pre-pandemic levels, the International Energy Agency (IEA) said in December.  

Currently, world oil consumption is still lagging behind 2019 levels by around 5-7 percent, Shell’s van Beurden said, as carried by Argus. Right now, there is a mixed picture of recovery in fuel demand around the world, with consumption in China very strong, according to Shell’s CEO. 

Still, the executive is optimistic that global oil demand will see a strong recovery in the second half of this year and reach some sort of normalcy next year.  

Van Beurden was speaking after Shell announced an 87-percent plunge in profits for last year, missing analyst estimates.  

Commenting on the results, Michael Hewson, chief market analyst at CMC Markets, said:

“Whichever way you look at it these Q4 numbers are disappointing; lower production volumes, reduced cash flow and a rise in net debt. While CEO Ben van Buerden may point to a “extraordinary year”, and the implementation of tough but decisive actions, the reality is there’s not a lot to cheer in these numbers.”

By OPC Markets

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News