Oil demand may never recover from COVID-19 crisis, says Shell CEO

Shell expects aviation fuel consumption to recover to 50% of pre-crisis levels by the end of 2020

  
Image used for illustrative purpose. The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019.

Image used for illustrative purpose. The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019.

REUTERS/Angus Mordant

LONDON  - 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) ((ron.bousso@thomsonreuters.com; +44 (0) 2075422161; Reuters Messaging: ron.bousso.reuters.com@reuters.net))

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