Slowing global jet fuel consumption adds to oil demand concern

Transcript

00:00The demand for jet fuel is expected to decline globally as consumer spending slows down and

00:06travel budgets are impacted.

00:08This development could have an impact on oil prices in the coming months.

00:12The first half of 2024 has seen a decline in global oil demand due to lower-than-expected

00:18consumption in the two largest oil markets, namely China and the United States.

00:23Meanwhile, according to Goldman Sachs data, the average global demand for jet fuel through

00:29July was 7.49 million barrels per day, up roughly about 500,000 barrels per day over

00:35the same period last year.