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

Ron Bousso

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)