BAKU, Azerbaijan, Nov.16
By Leman Zeynalova – Trend:
Jet fuel and kerosene tops the ranking of oil products by demand growth in 2022 with 22.5 percent, Trend reports with reference to the International Energy Agency (IEA).
“Long the laggard in the demand resurgence, jet fuel demand is finally picking up as a number of countries, and particularly the US, are lifting international travel restrictions. Jet fuel demand is forecast to rise by 550 kb/d in 4Q21 and by 180 kb/d in 1Q22 when it reaches 6.1 mb/d. Nonetheless, growth in air transport demand has been slower than anticipated, tempered by new waves of COVID-19 cases affecting travel, prompting a downgrade in our forecast for jet fuel demand by 170 kb/d in 4Q21
and 230 kb/d in 2022. We now forecast that jet kerosene demand in 2021 will rise by 600 kb/d to 5.2 mb/d and in 2022 will jump 1.2 mb/d to 6.4 mb/d, roughly 20 percent below pre-COVID levels,” said the IEA.
The table below shows the ranking of oil products by 2022 demand growth:
|
Oil products |
2021 demand (thousand barrels per day) |
2022 demand (thousand barrels per day) |
Change in percent |
|
Jet Fuel & Kerosene |
5 242 |
6 421 |
22.5 |
|
LPG & Ethane |
13 257 |
13 674 |
3.1 |
|
Naphtha |
6 801 |
7 013 |
3.1 |
|
Motor Gasoline |
25 478 |
26 219 |
2.9 |
|
Residual Fuel Oil |
6 011 |
6 170 |
2.6 |
|
Gas/Diesel Oil |
27 510 |
28 114 |
2.2 |
|
Other products |
11 983 |
12 043 |
0.5 |
|
Total Products |
96 282 |
99 653 |
3.5 |
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