Shell CEO: Oil Demand May Never Recover from COVID-19

Ron Bousso
Thursday, July 30, 2020

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."

(Reporting by Ron Bousso; editing by Jason Neely)

Categories: Energy Industry News Activity Europe Oil Production

Related Stories

Rem Offshore Places Order for Next-Gen Subsea Construction Vessel

ABB to Supply Shore Connection System for DEME’s Fleet in Vlissingen Port

RWE Joins Forces with Spanish Port to Create Floating Wind Hub

Current News

First Gas Export to Denmark from Tyra II Expected Today

Vattenfall to Take Part in IJmuiden Ver Offshore Wind Tender in Netherlands

Beach Energy to Let Go 30% of Workforce Amid Strategic Review

Ocean Infinity Inks Deal with Shell for Subsea Data Capture Services

Subscribe for OE Digital E‑News