BAKU, Azerbaijan, Nov.30
By Leman Zeynalova – Trend:
European jet fuel demand is expected to rise from 0.8 million barrels per day in 2021 to 1.2 mbd in 2022, Trend reports with reference to the US JP Morgan Bank.
The table below shows Europe’s demand for other oil products in 2021 and 2022 (in mbd):
|
Product |
2021 |
2022 |
|
LPG |
1.1 |
1.1 |
|
Naphtha |
1 |
1.1 |
|
Gasoline |
2 |
2 |
|
Diesel/Gasoil |
6.5 |
6.6 |
|
Fuel Oil |
0.7 |
0.8 |
|
Other Products |
1.5 |
1.5 |
The world demand for oil products will be as follows:
|
Product |
2021 |
2022 |
|
LPG |
9.8 |
10.1 |
|
Naphtha |
6.5 |
6.6 |
|
Gasoline |
24.9 |
25.8 |
|
Jet fuel |
5.4 |
6.7 |
|
Diesel/Gasoil |
27.5 |
27.8 |
|
Fuel Oil |
6.3 |
6.4 |
|
Other Products |
16 |
16.3 |
OPEC notes that while demand for products like naphtha, LPG and most heavy products will likely recover in most regions as soon as 2021, diesel demand is expected to be back to pre-pandemic levels only sometime in 2022, gasoline most likely in 2023 and jet kerosene only in 2024.
Demand for gasoline is set to peak towards the end of the current decade. In 2045, it is expected to be around 0.6 mb/d, lower than in 2026,says the cartel. This is a result of broad trends in the passenger car segment, where improving fuel efficiencies and the increasing penetration of AFVs, primarily EVs, more than offset the potential demand increase resulting from an expansion in the number of vehicles.
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Follow the author on Twitter: @Lyaman_Zeyn
