Demand for Middle East jet fuel forecast to tumble as COVID-19 restricts travel

Middle East

Demand for Middle East jet fuel is forecast to tumble by a record amount this year as COVID-19 restricts travel, the London-based international energy company S&P Global Platts reported.

Travel restrictions in the Middle East, home to long haul airlines Emirates, Etihad and Qatar Airways, are expected to cost the carriers $19 billion in lost passenger revenue and lead to a 39 per cent drop in passenger demand in 2020, according to March 24 projections by the International Air Transport Association.

“The airline industry faces its gravest crisis,” the International Air Transport Association Director General and CEO Alexandre de Juniac said in a statement.

It comes as the United Nations predicted COVID-19 is likely to cost the international economy $1 trillion in 2020.

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