Global aviation fuel demand is expected to fully recover to pre-pandemic levels of 300 mln tonnes per year in the next one to two years, the head of aviation at Shell said on Tuesday.
Demand in the United States is back at 2019 levels while Europe’s consumption has recovered to more than 80% and is on track for full recovery in the next year, Shell Aviation President Jan Toschka told Reuters on the sidelines of the 38th Asia Pacific Petroleum Energy Conference (APPEC).
“Asia has been a bit more of a bumpy road with markets opening up and closing down but mostly we expect Asia in particular, in the next year, to come back, but it might take another year before we see the full potential of the market,” he said.
However, jet fuel supplies are tightening in Europe with the European Union’s sanctions on Russian oil products kicking in on Feb. 5, causing the region to import more fuel from the U.S., China, India and the Middle East.
“The market needs to buy from refineries further away … shipping and rail and all kinds of distribution are under more stress now with this new kind of routing (of trade),” he said.