Jet Fuel Shortages Threaten Nigerian and European Airlines Amid Rising Prices and Supply Disruptions

The IEA stated that Europe historically relies on the Middle East for approximately 75 percent of its jet fuel imports. Without replacing at least half of these supplies from alternative sources, European stocks would hit a critical threshold by June. The agency warned that physical shortages could emerge at some airports, leading to flight cancellations and reduced demand.

EasyJet reported £25 million in additional fuel expenses in March alone and issued a profit warning, expecting a headline loss before tax between £540 million and £560 million for the six months ending March. The airline also noted a two percentage point decline in bookings for the upcoming quarters compared to the previous year.

The European Commission acknowledged potential supply difficulties but stated there is currently no evidence of shortages across the bloc. It confirmed that crude oil deliveries to EU refineries remain stable and that energy coordination groups are meeting weekly. The Commission plans to announce further measures soon.

American jet fuel exports would cover only slightly more than half of the lost Middle Eastern supplies if fully directed to Europe. A spokesperson said efforts are ongoing to support airlines and encourage reopening of the Strait of Hormuz.

The closure of the Strait of Hormuz, a key route for Gulf jet fuel exports, has disrupted global aviation fuel markets.

Refineries in major exporting countries such as Korea, India, and China are also dependent on Middle Eastern crude oil, amplifying supply challenges. The IEA described the crisis as severely impacting the inner workings of aviation fuel markets worldwide. The combination of soaring fuel prices and supply constraints has prompted airlines globally to revise growth plans and increase fares.

The situation remains fluid, with potential for further flight cancellations if supply routes are not restored.