Fatih Birol, the executive director of the International Energy Agency, warned on Thursday (16 April) that Europe only has a six weeks’ supply of jet fuel left before Iran war shortages will be felt.
“I can tell you soon we will hear the news that some of the flights from city A to city B might be cancelled as a result of lack of jet fuel,” he told the Associated Press.
The US-Israel war against Iran has caused turmoil in global energy markets, mainly due to the closure of the Strait of Hormuz, which is a vital export route for oil from the Gulf.
Birol said Europe had “maybe six weeks or so [of][ jet fuel left”, AP reported. His comments add to that of Airports Council International Europe, a lobby group that last week wrote to the EU’s energy and transport commissioners saying the bloc was three weeks away from shortages.
In normal times, airports and airlines tend to have about six weeks of fuel supply, but the extra reserves in the system are now being used up. Suppliers also lack the capacity to replace supplies that come through the Gulf.
The impact will be “higher petrol prices, higher gas prices, high electricity prices”, Birol told AP, with some parts of the world “hit worse than the others”.
Source: commonspace.eu with The Guardian and the Associated Press
