Biggest Oil Trader Sees No Travel Rebound Until Third Quarter - Bloomberg
Growth in oil demand will hinge on jet-fuel use, which is unlikely to recover until the third quarter of the year, said Mike Muller, head of trader Vitol SA’s operations in Asia.
Jet fuel has been the oil product hardest hit by the coronavirus pandemic in Asia. Demand in the region for other oil products such as diesel and gasoline was also affected but has rebounded. Vitol is the world’s biggest independent oil trader.
Global oil use dropped last year by 9 million barrels a day but should recoup more than 6 million in 2021, Muller said Wednesday at the Gulf Intelligence online conference. “The world has never seen such a transition; managing that will be very challenging,” he said. “The biggest single demand that needs to return is aviation fuel.”
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