The International Energy Agency (IEA) expects global demand for jet kerosene to surge by a massive 1.2mn b/d in 2023. “Jet/kerosene will lead 2023 gains in global oil demand,” says the IEA in its March Oil Market Report (OMR), citing a combination of “swift domestic-led” rebound in Chinese air travel and “the prolonged recovery from 2020’s Covid-driven collapse in air traffic.”
This will bring demand up to 7.315mn b/d for 2023, although the IEA says that demand will remain below 2019 levels every month this year. This is due to a combination of a more gradual ramp-up in long-haul flights and efficiency gains within the aviation industry. (CONTINUED - 135 WORDS)