BAKU, Azerbaijan, June 17. Aviation jet fuel consumption is expected to experience a rapid recovery from the impact of COVID-19-related travel restrictions by the end of 2024, Trend reports.
After that, as the International Energy Agency (IEA) expects, the demand for long-distance travel, closely linked to the economic growth of middle-income countries, will remain a significant driver of overall growth.
Over the period of 2022 to 2028, total jet/kerosene demand is projected to increase by nearly 2 million barrels per day (mb/d), the IEA forecasts.
However, due to notable improvements in aircraft fuel efficiency, it will take until 2027 for demand to surpass the levels seen in 2019. Similarly, the demand for fuel oil and gasoil in marine bunkers will continue to rise (up by 300,000 b/d) in alignment with global GDP growth.
Nonetheless, the progress in fuel efficiency, driven by stricter measures from the International Maritime Organization (IMO) to reduce greenhouse gas emissions, will moderate the growth in this sector.
Meanwhile, as the agency projects, the overall growth in global oil demand is expected to slow down throughout 2028. By 2028, oil demand is projected to reach 105.7 mb/d, which is 5.9 mb/d higher than the levels observed in 2022.