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The Silicon Review Asia

Oil demand takes a hit in Southeast Asian countries due to reduced tourism activities

Oil demand takes a hit in Southeast Asian countries due to reduced tourism activities

Demand for fuel in the Southeast Asian region has hit a roadblock following a mild recovery from the slump induced by COVID. The level of production is expected to reach the pre-pandemic numbers only at the end of the year or later. The fallback is mainly due to COVID cases' resurgence in many regions and the slow rollout of the vaccine. Many places in Asia like Malaysia and Indonesia are still under restricted movement, and Thailand has completely shut down because it has become a COVID hotspot. Singapore's aviation hub is also under immense scrutiny, even with travel bubbles, and Myanmar is plagued with civil unrest.

 Fuel sales in Indonesia are just under 7 percent from the pre-pandemic level, and PT Pertamina, a state-owned energy company, has stated that demand for gasoline has recovered up to some extent, but new lockdown measures have halted the momentum of the output.  By the end of the third quarter, the diesel consumption level is expected to come back to the normal level in Indonesia. Indonesia's run rates are averaging 800,000 barrels per day now, and the rate is around 570,000 in Malaysia. In Myanmar, the fuel imports will remain muted for a while until the situation is resolved.


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