Global Demand Trends: Scant Improvement With Start of New Year

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At the start of the year, global jet fuel demand in a group of countries fell 42% short of year-earlier rates in January. Spread of the virus during the winter months curtailed air travel around the world. Higher passenger numbers in the US during the yearend holidays spurred some improvement in its large domestic market, where demand was down by a third. Lockdowns across Europe led to a steep 61% decline. Fuel usage in Australia and New Zealand plunged by nearly 70% amid the suspension of long-haul flights. Consumption trends seemed more resilient among key developing countries. The Indian government raised capacity limits for India's domestic airlines, lifting fuel demand to 142,000 b/d. Higher tourist flows from the US kept Mexican jet fuel needs at 50,000 b/d. South Korean consumption showed a 42% year-on-year deficit as international travel restrictions grounded long-haul flights.

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