Jet planes are burning fuel like it’s 2019 as the world resumes flying after Covid-19

Coming any minute now to a sky near you: a plane packed with people going on holiday, leaving wispy white contrails in its wake and memories of Covid-19 that seem like a bad dream. The world is flying again. In Q3, 10.5m flights are scheduled to criss-cross the skies, according to industry data compiled by BloombergNEF. The International Air Transport Association (IATA) is anticipating record passenger numbers this year, and planes that will be about as full as they were before the virus using record amounts of fuel. For environmentalists, the trend will be met with dismay as it drives an accompanying surge in carbon emissions and another watermark in a resurgence of tourism. For the oil industry, the revival is a welcome boost, though. This is a world in which Opec and its allies have been forced – since the early days of the virus – to keep the supply of petroleum artificially constrained. Jet fuel consumption suffered a far bigger and more enduring hit than any other mainstream petroleum product. “As a human race, we are starting to travel more again,” said Eugene Lindell, head of refined products at industry consultant FGE. We are “shaking off the pandemic years.” It is international travel that is set to see the biggest surge. That will grow by 9.7% this year with huge increases in Asia, Europe and North America. International flights from Asia should climb by 23% but there are substantial gains almost everywhere. In Singapore, another waypoint between Asia and the West, passenger numbers at Changi Airport in the first three months of 2024 – at 16.5m people – have exceeded 2019 levels. Pent up demand saw China as the airport’s top destination for the quarter, after the introduction of a 30-day visa-exemption arrangement between the two nations. It’s translating into record passenger numbers for key long-haul hubs in Asia and the Middle East. <br/>