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

Van Oord Completes Low-Noise Monopile Installation

Van Oord Completes Low-Noise M

Orsted: Middle East Energy Crunch Rejuvenates Europe Offshore Wind Push

Orsted: Middle East Energy Cru

Oxy Makes Oil Discovery at Bandit Prospect in Gulf of America

Oxy Makes Oil Discovery at Ban

Northern Lights Adds Third CO2 Carrier to Expand CCS Network

Northern Lights Adds Third CO2

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine