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

Published

Shell CEO Ben van Beurden (File Photo) - Image by Bartolomej Tomić
Shell CEO Ben van Beurden (File Photo) - Image by Bartolomej Tomić

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)

Current News

Seadrill Awarded Contract in the U.S. Gulf and Angola

Seadrill Awarded Contract in t

Odyssey Marine Exploration Request for Offshore Mineral Lease Sale Advances

Odyssey Marine Exploration Req

Technip Energies Gets On Board Thailand’s First CCS Project

Technip Energies Gets On Board

Jan De Nul Wraps Up Cable Installation Job for TenneT’s DolWin Platform

Jan De Nul Wraps Up Cable Inst

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine