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- Due to the Iran war, Europe has six weeks of jet fuel left.
- Fuel prices have increased due to stoppage of supply from the Middle East.
- Europe continues to increase imports from America and Nigeria, but there is a fear of shortage.
- KLM cancels 160 flights due to rising costs.
Europe Fuel Crisis: In the midst of the Iran war, global energy has now reached the sky, due to which the threat to air travel has started increasing. The International Energy Agency (IAE) has warned that Europe probably has only six weeks of jet fuel left. Meanwhile, if a large part of the supplies coming from the Middle East is not completed soon, the situation will become more serious by June.
In fact, the Strait of Hormuz, an important route for bringing jet fuel from the Gulf, has been closed for the last six weeks, due to which the supply has been greatly affected. For this reason, the prices of jet fuel are increasing rapidly and the risk of shortage is also increasing. According to IEA chief Fateh Birol, if this situation continues, many flights may have to be cancelled.
Fear of increasing fuel crisis
IEA said that earlier Europe used to import about 75 percent of its jet fuel from the Middle East, but now to meet the shortfall, European countries are trying to increase supplies from countries like America and Nigeria. However, experts believe that this will not be able to fulfill the entire shortcoming.
The report also said that if Europe is unable to meet even 50 percent of its Middle East imports, there may be a fuel shortage at some airports, which will lead to cancellation of flights. Even if 75 percent of the supply is changed, the pressure may still remain before August. The British government has said that it is monitoring the situation in collaboration with airlines and fuel suppliers. At present there is no major problem in the UK, but there is concern about the future.
160 flights canceled in Europe
On the other hand, airlines are also being affected by this crisis. Jet fuel prices reached a record high of $1,838 (approximately Rs 1.53 lakh) per tonne in April, which was earlier around $831 (approximately ₹69,000 – ₹70,000). This has increased the cost of airlines, because fuel accounts for 20-40 percent of their expenses. Some airlines have also started taking steps.
EasyJet had to incur additional fuel expenses in March itself, while KLM has decided to cancel 160 flights in Europe next month due to rising costs. However, the European Commission says that at present there are no clear signs of fuel shortage, but supply-related problems may arise in the future.