"The International Energy Agency has warned that Europe is sitting on roughly six weeks' worth of jet fuel. Unless the bloc can source at least half of the volumes it would ordinarily draw from the Middle East, stocks will hit a critical threshold within weeks."
"Historically, Europe has leaned on the Gulf for around three-quarters of its imported jet fuel. The IEA noted that refineries in other major exporting nations, South Korea, India and China chief among them, are themselves heavily reliant on Middle Eastern crude."
"American refiners have sharply accelerated jet fuel exports in recent weeks, but the IEA reckons that even if every barrel leaving US shores were routed to European airports, it would cover only a little over half the shortfall."
The International Energy Agency warns of a looming fuel crisis in European aviation, with only six weeks' worth of jet fuel reserves remaining. The closure of the Strait of Hormuz by Iran has severely impacted supply, causing jet fuel prices to rise. Europe typically relies on the Gulf for three-quarters of its jet fuel imports, and alternative sources are struggling to meet demand. American refiners are increasing exports, but this will only partially address the shortfall, risking flight cancellations at various airports.
Read at Business Matters
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