Press release from the International Energy Forum
RIYAD, Saudi Arabia: Global aviation fuel demand was 30% below pre-pandemic levels in early June and may not fully recover for two more years, according to one new study published by the International Energy Forum (FIE).
The study, which is part of the IEF’s post-COVID recovery energy monitor series, draws on data from the Joint Organization Data Initiative (JODI) and alternative measures such as flight data, statistics on the number of passengers, flight schedules and cancellations from various government sources, airport statistics and publicly available information in 40 countries, accounting for 70% of the total demand for jet fuel.
“Jet fuel accounts for most of the remaining oil demand deficit caused by the pandemic, and the recovery is expected to be uneven as countries face a difficult trade-off between reviving the economy and managing the spread of the disease. COVID-19, ”said Joseph McMonigle. , Secretary General of the IEF.
International air travel is still operating at a fraction of its pre-COVID levels, with cross-border flight bookings estimated at 20% of pre-crisis levels in late April. However, domestic air travel has rebounded strongly, standing at 74% of 2019 levels, and global air cargo travel is already up 12% from pre-crisis levels due to growth in trade. of goods and e-commerce, according to the study.
“The return of international travel remains the main wild card for oil demand as some governments rush to ease restrictions ahead of the summer tourist season,” said Dr Leila R. Benali, IEF chief economist . “However, uncoordinated vaccination programs and the continued emergence of increasingly transmissible variants will temper the gains.”
The IEF is monitoring the recovery in oil demand after the pandemic as part of its mandate to promote stability in global energy markets and improve market transparency.