Europe could face a systemic shortage of jet fuel in as little as three weeks if the Strait of Hormuz remains restricted, the regional airports association warns. This is reported by Bloomberg, writes UNN.
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The fuel shortage will cause serious disruptions to airports and airlines and inflict significant damage on the continent's economy, ACI Europe said in a letter to two European Commissioners sent on Thursday.
If passage through the Strait of Hormuz is not restored to a significant and stable volume within the next three weeks, a systemic shortage of jet fuel in the EU will become a reality
The war with Iran is hitting the global aviation industry through rising oil prices, airspace closures, and flight route restrictions. Many airlines have responded by increasing fuel surcharges and additional baggage fees.
The closure of the Strait of Hormuz during the conflict has increased pressure on oil markets, pushing prices above $100 a barrel. Although the recent truce between the US and Iran is a positive sign, jet fuel and ticket prices will remain high for some time, International Air Transport Association CEO Willie Walsh said earlier this week.
Concerns about jet fuel supplies are growing as airlines enter the peak summer travel season, ACI Europe warned European Commissioner for Energy and Housing Policy Dan Jørgensen and European Commissioner for Transport Apostolos Tzitzikostas.
In recent days, seven Italian airports have restricted access to jet fuel due to its shortage. Other countries, including China, have also taken measures to protect domestic supplies.
ACI Europe called on the EU to monitor and assess fuel production and availability over the next six months.
This crisis has demonstrated the reduction in the EU's refining capacity for jet fuel and its significant dependence on imports from other regions of the world