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

July 30, 2020

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

Nigeria: FPSO Workers Released after Kidnapping

Nigeria: FPSO Workers Released after Kidnapping

DOF Subsea Wins 'Key Award' with Chevron in Australia

DOF Subsea Wins 'Key Award' with Chevron in Australia

Petrobras to Mothball Offshore Platform to Cut Costs

Petrobras to Mothball Offshore Platform to Cut Costs

Largest Jack-Up to Install Largest Turbines at World's Largest Offshore Wind Farm

Largest Jack-Up to Install Largest Turbines at World's Largest Offshore Wind Farm

Subscribe for OE Digital E‑News

Offshore Engineer Magazine