Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus variant at bay, prompting travelers to reconsider their plans. Jet fuel demand—the biggest laggard in the oil complex—had been forecast to post the strongest growth of 550,000 barrels per day to 5.9 million bpd in fourth quarter, according to the International Energy Agency in its Nov. 16 report. But now Omicron poses the greatest risk to jet fuel consumption. Hong Kong expanded a ban on entry for non-residents from several countries, the latest to expand travel curbs after Israel and Japan have already announced border closures to all foreign travelers. Britain and Australia have tightened rules for all arrivals in response to the new variant while hundreds and thousands of would-be travelers are now considering to cancel or delay their trips in response to renewed restrictions. “The real risk …
Global Jet Fuel Demand Under Pressure From Omicron, Border Curbs
November 30, 2021
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