BAKU, Azerbaijan, Apr.21
By Leman Zeynalova – Trend:
Global consumption of crude oil continues to gradually recover from the COVID-19 plunge and was around 6 percent lower in 2021Q1 than in 2019, compared to an overall decline of 9 percent in 2020, Trend reports citing the World Bank (WB).
“However, the recovery remains uneven, with renewed outbreaks of the pandemic and associated lockdowns continuing to affect demand, particularly for transport. The slow recovery in demand is primarily in advanced economies, where it remains nearly 10 percent below its 2019 levels, with pronounced weakness in Europe. In contrast, non-OECD demand is just 2 percent lower, and China was 6 percent above its 2019 level,” WB said in its latest report.
Among fuel types, jet fuel remains the most affected, with consumption still one-third below its pre-pandemic level, according to the Bank.
However, WB notes that demand is gradually increasing as air travel picks up.
“For example, U.S. passenger journeys have steadily risen over the past few months and are currently around two-thirds of their pre-pandemic level (figure 2.D). Of the other main transport fuels, diesel consumption has been slightly less affected than gasoline, as it is used to transport goods by road and ship, which have seen a broader recovery than personal car travel, especially commuter journeys. Over the forecast horizon, the weakness in jet fuel is expected to persist as air travel remains subdued, while consumption of diesel and gasoline will have mostly recovered by the end of 2021.”
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