The head of aviation at Shell plc SHEL recently stated that the company anticipates the global demand for aviation fuel to completely bounce back to the pre-COVID levels of 300 million metric tons per year in the next couple of years.
Jan Toschka, Shell’s Aviation President, in an interview with Reuters on the sidelines of the 38th Asia Pacific Petroleum Energy Conference mentioned that demand in the United States has retrieved and is on par with its 2019 level. He added that Europe's consumption has recovered to more than 80% and is in shape for full recovery in the coming year.
"Asia has been a bit more of a bumpy road with markets opening up and closing down but mostly we expect Asia in particular, in the next year, to come back, but it might take another year before we see the full potential of the market," Toschka added.
Moreover, with the European Union's sanctions on Russian oil products following Moscow’s military actions in Ukraine, the supply of jet fuel has tightened in the continent, causing the region to buy more fuel from the United States, China, India and the Middle East. “Shipping and rail and all kinds of distribution are under more stress now with this new kind of routing (of trade),” he ended.
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals, with operations spanning worldwide. The London-based British multinational oil and gas company, whose peers include ExxonMobil XOM, Chevron CVX, and BP BP, is fully integrated as it participates in every aspect related to energy from oil production to refining and marketing.
Chevron is one of the largest publicly traded oil and gas companies in the world, with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, San Ramon, CA-based Chevron generated revenues in excess of $200 billion in the trailing 12 months and produced more than three million boepd.
Meanwhile, ExxonMobil is a bellwether in the energy space, with an optimal integrated capital structure that has historically produced industry-leading returns. It owns some of the most prolific upstream assets globally. Other aspects of the ExxonMobil story include the largest global refining operations, substantial chemicals assets and dividend history and a credit profile that are second to none in the space.
BP plc is a British multinational oil and gas company headquartered in London, England. It is one of the world's seven oil and gas supermajors. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading.
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