Oil demand may never recover from COVID-19 crisis, says Shell CEO

Ben van Beurden ( Chief Executive Officer ) of Shell. EPA/BART MAAT

Reading Time: < 1 minute

Global oil demand might never return to levels seen before the outbreak of the COVID-19 epidemic, Royal Dutch Shell CEO Ben van Beurden said on Thursday.

“Demand will take a long time to recover if it recovers at all,” van Beurden told reporters after the Anglo-Dutch energy company reported a sharp drop in second-quarter profit.

Shell expects aviation fuel consumption to recover to 50% of pre-crisis levels by the end of 2020, he said.

“The aviation sector is down and will remain down for some time to come.”

s2.reutersmedia.net

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: