Jet Fuel Demand, SLB Earnings: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

FUELS
Jet Fuel Demand Growth Lags Aviation Boom - Global flight activity passed pre-pandemic levels for the first time in four years this month, but jet fuel demand growth has not kept apace as newer fleets of aircraft become more fuel-efficient and carry more passengers. Aviation fuel has been the single biggest contributor to oil's post-pandemic bonanza, accounting for almost half the increase in total oil demand, according to the International Energy Agency (IEA) (Paris, France). Global consumption of jet fuel and kerosene fell to 4.7 million barrels per day (BBL/d) in 2020, as activity froze during pandemic lockdowns, down from a peak of 7.9 million BBL/d the prior year, according to the IEA. As the lockdowns ended and travel recovered, demand for the fuels jumped by more than 1 million BBL/d in 2022 and 2023, IEA data showed. But global demand growth is expected to be much smaller this year, at just 230,000 BBL/d for a total of 7.4 million, according to IEA forecasts. "This is despite air traffic recovering to pre-pandemic levels, with this gap arising because of very significant gains in overall aircraft fleet efficiency over the last five years," IEA analyst Ciaran Healy said. (Reuters)

POWER
FERC to Unveil Grid-Reform Plan in May - The U.S. Federal Energy Regulatory Commission (FERC) will announce on May 13 its plan to speed up the development of long-distance transmission lines to meet rising power demand and bring a backlog of planned clean energy projects to the grid. The long-awaited plan is part of reforms to upgrade the country's aging electric transmission system to keep up with power demand and a shift from fossil fuels to renewable energy. (Reuters)

EARNINGS REPORTS
SLB Boosts Earnings - Top oilfield services firm SLB (NYSE:SLB) (Houston, Texas) reported a 14% rise in first-quarter profit on Friday, in line with analysts' estimates, as higher oil and gas drilling demand in the Middle East and Africa helped offset weakness in North America. SLB's international revenue rose 18% to $7.06 billion, compared with $5.99 billion in the year-ago quarter. But North America revenue declined 6% to $1.6 billion on weaker natural gas prices and consolidation among oil producers. The company reported earnings of $1.07 billion for the quarter ended March 31, compared with $934 million in the same quarter last year. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).