"There is no shortage of fuel for planes" - EU transport chief: Situation varies from one company to another
The European Union's transport chief said there is no sign of a shortage of jet fuel in Europe in the coming months, despite the energy shock from the Iran War. The Strait of Hormuz, a key maritime corridor linking the Gulf to global markets, has been closed for the past three months, cutting oil supplies by about 14 million barrels a day, or about 14% of global demand.
"There is currently no shortage of jet fuel in Europe. We have no signs that there will be a shortage in the near future," Transport Commissioner Apostolos Tzitzikostas said in an interview, adding that regional airports were more at risk. The main concern is rising prices. The International Air Transport Association says jet fuel accounts for 25-30% of airlines' operating costs.
“That’s why we see some airlines choosing to cancel some of their routes that didn’t make any economic sense,” Tzitzikostas said. Passengers may not feel the full impact of higher prices until later this year or next year, as airline guarantees expire, although Tzitzikostas said the situation was “very different from one airline to another.”
Analysts expect oil prices to average around $90 a barrel this year, up 40% from February. Looking to the end of the year, Tzitzikostas said the situation would be "very difficult" if Middle Eastern supplies remained disrupted.
"It is essential that the war stops and that the Strait of Hormuz opens and this must happen as soon as possible... We must always bear in mind that Europe is prepared. We have emergency stocks in our member states," he said, adding that the Commission would coordinate any release and there was no need to discuss the redistribution of stocks at the moment.
Beyond aviation, a prolonged conflict could hit the global economy. The OECD has warned that it could significantly slow growth to levels last seen during the 2008-2009 financial crisis, or the COVID-19 pandemic.
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