Europe has jet fuel reserves sufficient for around six weeks, the head of the International Energy Agency warned, raising concerns about possible flight cancellations if disruptions to global energy supplies continue.
In an interview with the Associated Press, IEA Executive Director Fatih Birol said the situation could quickly affect aviation if the Strait of Hormuz remains closed due to the ongoing conflict involving the United States, Israel and Iran.
Warning over global energy disruption
Birol described the situation as “the biggest energy crisis we have ever faced”, driven by the disruption of oil, natural gas and other critical supplies passing through the Strait of Hormuz.
Calling the waterway “a truly critical strait”, Birol warned that a continued blockade would have major consequences for the global economy.
“The longer it lasts, the more negative the consequences will be for global growth and inflation,” he said.
Higher fuel, gas and electricity prices expected
According to Birol, the disruption would translate into higher fuel prices, increased natural gas costs, and rising electricity prices, with some regions facing greater impacts than others.
He noted that Asian countries heavily dependent on Middle Eastern energy supplies would be the first to feel the effects, including Japan, South Korea, India, China, Pakistan and Bangladesh.
“The effects will then extend to Europe and the Americas,” he added.
Risk of flight cancellations
Birol warned that if the Strait of Hormuz does not reopen, aviation could soon be affected.
“We may soon see news that some city-to-city flights could be cancelled due to a shortage of jet fuel,” he said.
Source: Protagon.gr / Associated Press.