IEA Reports Europe Has Six Weeks of Jet Fuel Left Amid Supply Disruptions

The International Energy Agency (IEA) has stated that Europe has about six weeks of jet fuel remaining, a situation that could lead to flight cancellations if oil supplies remain blocked due to the ongoing conflict in Iran. IEA Executive Director Fatih Birol emphasized the gravity of the situation, describing it as a significant energy crisis affecting global markets.

Birol noted that the current disruptions stem from the blockage of oil, gas, and other essential supplies through the Strait of Hormuz.

He warned that if these conditions persist, Europe may soon experience cancellations of flights due to a lack of available jet fuel.

“The countries who will suffer the most will not be those whose voices are heard a lot. It will be mainly the developing countries," Birol stated, highlighting that nations such as Japan, Korea, India, China, Pakistan, and Bangladesh are particularly vulnerable to the crisis. The IEA has characterized this disruption as potentially the largest energy crisis ever faced, with implications for economic growth and inflation worldwide. Birol indicated that the longer the situation continues, the more severe the impact will be on energy prices, including gasoline and electricity. He expressed concern over a toll system that Iran has implemented for some ships passing through the Strait of Hormuz, warning that this could set a precedent for other critical waterways. Birol urged for the unconditional flow of oil to resume, stating, "I would like to see that the oil flows unconditionally from the point A to point B." The IEA's assessment comes amid rising jet fuel prices in Europe, which have reportedly increased by over 100% due to the conflict. This surge in prices is expected to have uneven effects across different regions, with poorer countries likely to experience the most significant challenges. As the situation develops, the IEA continues to monitor the global energy landscape, emphasizing the need for immediate action to address the supply disruptions and mitigate their impact on both developed and developing nations.”