Until three months ago, the oil industry was pinning its hopes on aviation, alongside petrochemicals, for continued growth in oil demand for at least another decade. The aviation industry, however, was dealt a near-deadly blow by the coronavirus pandemic, which upended all plans for fleet utilization for years to come. Airlines and aircraft manufacturers do not expect global airline traffic to return to 2019 levels for several years, while air carriers are set to retire the older, larger, less fuel-efficient aircraft earlier than planned. This could speed up the arrival of peak oil demand, considering that jet fuel demand—albeit with a small overall share of oil demand—was expected to be the key driver of oil demand growth over the next two decades, alongside petrochemicals. The crisis in the aviation industry and the early retirements of older wide-body planes suggests that the expected growth in global jet fuel demand through […]