IEA warns of jet fuel shortages in Europe

Europe could have “maybe six weeks or so [of] jet fuel left,” the head of the International Energy Agency warned on April 15, raising concerns over potential flight disruptions if oil supplies continue to be blocked due to conflict in the region.

In an interview with the Associated Press, IEA Executive Director Fatih Birol said the situation could lead to flight cancellations “soon” if access through the Strait of Hormuz remains restricted.

Birol described the crisis as “the largest energy crisis we have ever faced,” citing disruptions to oil, gas, and other key energy flows through the strategic waterway.

“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he said.

He warned that the economic impact would include rising prices across multiple sectors. “Higher petrol (gasoline) prices, higher gas prices, high electricity prices,” Birol told the AP from his office in Paris.

According to Birol, the effects of the crisis would not be evenly distributed, with developing countries likely to be hit hardest.

“The countries who will suffer the most will not be those whose voice are heard a lot. It will be mainly the developing countries. Poorer countries in Asia, in Africa and in Latin America,” he said.

He stressed that no country would be fully insulated from the consequences if the situation continues.

“Some countries may be richer than the others. Some countries may have more energy than the others, but no country, no country is immune to this crisis,” he said.

Birol also warned that without a resolution restoring full operations through the waterway, shortages in refined products could worsen, adding that “some of the flights from city A to city B might be canceled as a result of lack of jet fuel.”

By Sabina Mammadli