Europe may run out of jet fuel in six weeks: IEA chief

The head of the International Energy Agency (IEA) warned Thursday (April 16) that Europe may only have about six weeks of jet fuel remaining as airlines continue to face pressure from the Middle East crisis.

IEA Executive Director Fatih Birol said in interview with The Associated Press that a blockade of the Strait of Hormuz would trigger "the largest energy crisis we have ever faced."

“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he was quoted as saying.

He added that the broader impact includes “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” with some parts of the world “hit worse than the others.”

Birol had earlier cautioned that the energy crisis would intensify in April as tightening oil supplies put greater strain on the market.

“The loss of oil in April will be twice the loss of oil in March. On top of that you have LNG and others. It will come through to inflation, I think it will cut economic growth in many countries, especially emerging economies. In many countries the rationing of energy may be coming soon,” he said.

Air travel contributes 851 billion euros in GDP to European economies each year and supports 14 million jobs, according to ACI Europe.

European airline EasyJet said Thursday that the Middle East conflict and higher fuel costs are affecting customer bookings, with ticket purchases for later this year down two per cent compared with 2025.

The budget carrier also said it incurred about £25 million ($34 million) in additional fuel costs in March alone and has hedged at least 70 per cent of its summer fuel needs to guard against volatility.

ACI Europe, which represents airports across the European Union, said last week that peak summer travel will face disruption, bringing “harsh economic impacts” for several member states that depend on the boost.

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