The likelihood of dramatically more air travel explains why jet fuel consumption in China is widely seen as the single biggest driver of world oil demand growth this year, according to JPMorgan Chase, the
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Overseas ticket searches for Golden Week are 120% of the level in 2019, state media reported, citing an estimate from Trip.com. As of April 18, actual bookings were more than 10 times that of last year, the Securities Daily reported.
“Mainland China’s domestic jet fuel demand has almost fully recovered, while international jet fuel demand has recovered to close to 70% of pre-COVID levels,” said Fenglei Shi, a director covering Chinese oil markets at S&P Global Commodity Insights, according to The Japan Times.
