Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2025

Daily Sabah - Latest & Breaking News from Turkey | Istanbul

  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

World jet fuel demand could drop by 70% due to COVID-19

by Anadolu Agency

Mar 25, 2020 - 1:39 pm GMT+3
Edited By Ayşe Betül Bal
A picture shows grounded airplanes at the Roissy-Charles de Gaulle airport in Roissy-en-France, north of Paris, on the eight day of a lockdown aimed at curbing the spread of the COVID-19 in France, Tuesday, March 24, 2020. (AFP Photo)
A picture shows grounded airplanes at the Roissy-Charles de Gaulle airport in Roissy-en-France, north of Paris, on the eight day of a lockdown aimed at curbing the spread of the COVID-19 in France, Tuesday, March 24, 2020. (AFP Photo)
by Anadolu Agency Mar 25, 2020 1:39 pm
Edited By Ayşe Betül Bal

Global jet demand is likely to see a dramatic drop, possibly by up to 70%, especially in the second quarter of 2020 as an increasing number of countries apply travel quotas to prevent the spread of the novel coronavirus, experts foresee.

Cüneyt Kazokoğlu, director of Oil Demand at London-based Facts Global Energy (FGE), an energy consultancy, told Anadolu Agency (AA) that air traffic is constantly decreasing and could even come to a halt.

According to Flight Radar 24 data, the number of daily flights on Feb. 21 was 196,756 but by March 22, this number dropped to 102,181, marking a 48% decrease in a month because of the suspension of flights amid the global pandemic. Furthermore, by March 24, daily flights were down to 95,227.

"This trend of decrease in the number of flights will directly impact jet fuel consumption. We forecast that global jet fuel consumption could fall by up to 70% in the second quarter of the year," Kazokoğlu said.

Given that government leaders and academic studies have indicated that the COVID-19 crisis could last from 12 to 18 months, airline companies, tourism, entertainment and food sectors will be damaged, he said.

Kazokoğlu also drew attention to the decline in oil consumption since the virus outbreak, which he said would continue due to lower jet fuel demand.

"Global jet fuel demand corresponds to 8% of the world’s daily oil consumption. Even if global jet fuel demand falls by 50%, this corresponds to 4% of oil demand, or 4 million barrels a day (bpd)," he said.

Global jet fuel demand averages at around 7.5 million bpd.

Global GDP growth to stay below 2%

Gasoline and diesel consumption will also see a huge fall in 2020 as countries apply limited movement or curfews and with the slowdown in factory production, he said.

A varying chain of forecasts shows that global oil demand could decline by 12-20 million bpd due to the spread of the novel virus.

The number of cases from COVID-19, the disease caused by the novel coronavirus, exceeded 380,000 by March 24 while the death toll climbed to 16,559.

"We believe that global GDP will grow by less than 2% this year as a result of travel restrictions resulting in 2.8% global oil demand drop," said Artyom Tchen, senior analyst at Norway-based energy research company Rystad Energy.

He maintained that some highly leveraged European companies will be heavily impacted as they will be squeezed both by domestic and transatlantic restrictions.

"We think that the seasonal recovery will start on June 20 if travel restrictions in Europe and eventually in the U.S. bear fruit. Still, it is tough to see a year-to-year growth relative to 2019 in jet fuel demand for any month this year," he said.

Flight cancelations are now piling up not only for April and May but also likely for the second half of the year amid the uncertainty, he said.

"We cannot move Chinese Lunar New Year Holiday, Easter to the second half of the year, so I am afraid jet fuel demand pertaining to travel during those holidays was lost indefinitely this year," he concluded.

  • shortlink copied
  • KEYWORDS
    covid-19 fuel demand
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Thousands of migrants left homeless after fire guts camp on Lesbos
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • DS TV
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021