Oil demand will rebound more slowly than initially anticipated in 2021 as the aviation sector takes longer to recover from the coronavirus hit. So says the International Energy Agency, which says governments will probably keep in place border closures and travel restrictions until a vaccine is widely available.
The agency also notes that while consumers might be keen to resume holidays once travel bans are lifted, older people will remain cautious and others will have less money to spend on travel.
OPEC, on Monday cut its forecast for 2021 growth in oil demand, citing "uncertainty surrounding the impact of COVID-19 and the labor market" on the outlook for transportation fuel in developed economies during the first half of next year, as reported by MarketWatch.
Natural gas and propane are emerging as the leading choices for fuel sources to power vessels for shipping companies moving to slash carbon emissions in their operations.
An industry trade group says more than a quarter of the ships on order in terms of tonnage are slated to run on liquefied natural gas or liquefied petroleum gas, a clear signal of how operators are planning to meet mandates to meet clean-air standards.