• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 3 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 8 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 8 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 1 day Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 7 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
European Drivers Face Further Gasoline Squeeze

European Drivers Face Further Gasoline Squeeze

European drivers who are already…

Global Jet Fuel Demand To Slump 11% Amid Coronavirus Outbreak

Jet fuel demand will be the hardest hit fuel sector as the coronavirus outbreak spreads across the world, countries impose travel restrictions, and airlines continue to cancel thousands of flights, Rystad Energy said in a new report on global demand for oil and fuels.  

Jet fuel demand is set to slump by 11 percent year on year in 2020, from last year’s demand of around 7.2 million bpd. Global air traffic is expected to plunge by 16 percent on the year, according to Rystad.

“US President Donald Trump yesterday announced a ban on air travel between Europe and the US, which will further impact an aviation industry that has already been suffering as the virus has spread. Many distressed airlines will now face heavy cost cuts, and many non-profitable routes are likely to be closed,” the analysts noted.

Rystad Energy now expects global oil demand to drop by 600,000 bpd this year, or by 0.6 percent, compared to 2019.

“This is a severe downgrade compared to previous estimates and takes into account the quarantine lockdown in Italy, massive cancellations of flights by airlines, the travel ban between Europe and the US that was announced yesterday, and our simulations of the virus’ growth patterns this year,” the energy research and analytics firm said.  

Major organizations and international bodies have already dramatically cut expectations for this year’s global oil demand as the Covid-19 outbreak results in restricted travel and slowing economic activity.

OPEC, for example, now sees global oil demand rising by mere 60,000 bpd in 2020 after it has slashed its forecasts by 920,000 bpd from just a month ago.

The International Energy Agency (IEA) warned this week that oil demand was set to drop this year for the first time since the financial crisis in 2009 due to the coronavirus outbreak and its impact on economies. The IEA now sees global oil demand falling by 90,000 bpd year on year in 2020.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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