MOSCOW, Sep 27 – PRIME. The head of Shell’s aviation division said on Tuesday that global jet fuel demand is expected to fully recover to pre-pandemic levels of 300 million tonnes a year in the next one to two years.
US demand has already returned to 2019 levels, while European consumption has risen to over 80% and is likely to fully recover next year. This opinion was shared with Reuters by Shell Aviation President Jan Toshka on the sidelines of the 38th Asia Pacific Petroleum Energy Conference (APPEC).
“In Asia, the recovery is a little more uneven, with markets opening and closing. But the main stage of recovery, in particular in Asia, we expect next year, although it may take another year for the market to fully recover,” he said.
Aviation fuel supplies in Europe remain limited: EU sanctions on oil products from Russia, effective February 5, will force the region to import more fuel from the US, China, India and the Middle East.
“The market will continue to have to buy from refiners … shipping fuel by sea and rail, and all sales are now under more pressure with these new trade routes,” he added.