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Aviation crisis could slow down future need for oil

Credit: Belga

The International Energy Agency (IEA) predicts a strong rebound in oil demand next year, but this will be limited by the aviation sector’s struggle, it said on Tuesday.

The IEA anticipates an unprecedented jump of 5.7 million barrels per day (mbd) in world demand compared to 2020, when demand plummeted due to the new coronavirus (Covid-19) pandemic.

However, at 97.4 mbd, it would still remain 2.4 mbd below the level of 2019, “mainly due to the current weak demand for jet fuel and kerosene,” the IEA said in its monthly oil report.

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The aviation sector’s demand for petroleum products “will remain under pressure well beyond this year even if other fuels are expected to recover to pre-Covid-19 levels,” IEA specified.

For 2020, the agency expects demand to fall by a historic 8.1 mbd, but this is about 500,000 barrels per day better than its last estimate published in May.

The IEA noted a rapid recovery in demand from China in March-April and India in May.

On the supply side, the Organization of the Petroleum Exporting Countries (Opec) and its allies have cut production to support prices.

The Brussels Times

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