BAKU, Azerbaijan, Dec.15
By Leman Zeynalova – Trend:
Jet fuel and kerosene tops the ranking of oil products by demand growth in 2022 with 19.9 percent, Trend reports with reference to the International Energy Agency (IEA).
While significantly lower than previous projections, world jet fuel demand is expected to continue to recover from last year’s slump, according to the IEA.
“New travel restrictions are likely to remain milder than during previous COVID waves in countries where a large share of the population is vaccinated. Following a quarter-on-quarter (q-o-q) increase of 580 kb/d in 3Q21, jet/kerosene demand for 4Q21 is
pegged 300 kb/d higher at 5.7 mb/d. Revised flight schedules and reported booking cancellations have led us to lower our forecast for 1Q22 by nearly 600 kb/d and by 210 kb/d for 2Q22. We now expect jet/kerosene demand to fall by 150 kb/d on average from 4Q21 to 1Q22 and to recover thereafter. Overall, jet/kerosene demand is forecast to increase by 530 kb/d in 2021 and 1 mb/d
in 2022 when it reaches 6.2 mb/d, still 1.7 mb/d below pre-Covid levels,” reads the IEA report.
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 |
5 174 |
6 204 |
19.9 |
|
Motor Gasoline |
25 443 |
26 259 |
3.2 |
|
Residual Fuel Oil |
6 006 |
6 192 |
3.1 |
|
LPG & Ethane |
13 289 |
13 687 |
3 |
|
Naphtha |
6 848 |
7 010 |
2.4 |
|
Gas/Diesel Oil |
27 537 |
28 123 |
2.1 |
|
Other products |
11 896 |
12 060 |
1.4 |
|
Total Products |
96 193 |
99 534 |
3.5 |
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Follow the author on Twitter: @Lyaman_Zeyn