Europe faces a shortage of jet fuel as supplies to the Middle East are halted
Brussels, April 28 / WAM / Europe is facing the risk of a shortage in aviation fuel supplies, after the halt of fuel shipments coming from the Middle East during this April, due to the war with Iran and the disruption of supplies and main shipping routes, ahead of the summer travel season, which is witnessing peak demand.
Data showed that Europe’s imports of aviation fuel loaded from the Middle East will disappear completely this month, in a first since data records began in 2017, while direct exports from the region fell to their lowest levels ever.
European member states of the Organization for Economic Cooperation and Development consume about 1.6 million barrels per day of jet fuel and kerosene, while European refineries only produce about 1.1 million barrels per day, leaving a gap of no less than 500 thousand barrels per day that must be covered through imports.
Europe was heavily dependent on the Middle East; Last year, it provided about 60% of aviation fuel imports coming from outside the continent, according to Kpler data, which makes the European market highly vulnerable to any disturbances related to the current conflict or the closure of vital shipping routes.
Despite the concerns, airlines and suppliers played down the possibility of an immediate crisis.
The International Energy Agency had previously warned that Europe may begin facing an actual shortage of jet fuel by June, if it is unable to replace more than half of the usual supplies coming from the Middle East.
Meanwhile, jet fuel prices jumped above $200 per barrel, while stocks remain limited.
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