Europe towards Flight Crisis, just 6 weeks of fuel reserves

According to the International Energy Agency Director (IEA), Fatih Birol, the situation in the region, including the Iran conflict and instability in major oil transport areas, is creating increased pressure on European fuel markets.

Birol warned that, if supplies are not stabilised, Europe could face flights cuts, due to lack of fuel at major airports, the Wall Street Journal writes.

I can tell you that soon we will hear the news that some of the flights from the city of A to the city of B can be cancelled as a result of the fuel shortage for the aircraft unless Hormuz Strait fully reopens”, he said in an interview with the Associated Press on Thursday.

According to him, a large portion of global oil supplies pass through the Strait of Hormuz, a strategic area that is directly affected by current tensions.

Energy experts stress that jet fuel reserves in Europe are limited and usually cover only weeks of consumption, making the market sensitive to any supply cuts.

Meanwhile, airlines warn that a deterioration of the situation could bring increased ticket prices and reduction of flights.

European authorities are expected to monitor developments closely and consider measures to provide sustainable fuel supply.