Europe has only six weeks of guaranteed kerosene supply for airplanes due to the impact of the war in the Middle East and the closure of the Strait of Hormuz, as stated by Fatih Birol, Executive Director of the International Energy Agency (IEA), based in Paris.
"I can say that very soon we will hear news that flights from city A to city B will be canceled due to fuel shortage," Birol declared to the AP agency. The alert issued by the IEA director comes days after the Airports Council International Europe warned that there are only three weeks left before the fuel shortage becomes noticeable.
Birol's urgent words go beyond previous IEA estimates, which warned that Europe would reach summer with kerosene reserves for 30 days, resulting in increased fares and flight reductions.
"Years ago, there was a group called Dire Straits," emphasized Fatih Birol. "Well, it's time for 'dire straits' (which can be translated as 'serious economic difficulties'). And all this will have serious implications on the global economy. The longer it lasts, the worse it will be for the economy and inflation worldwide."
"We will have higher oil prices, higher gas prices, higher energy prices," added the IEA Executive Director. "And some countries will be more affected than others."
United Kingdom, the largest European consumer, which imports 65% of the kerosene it consumes, is the most exposed country, followed by France, which imports 50%. The first cancellations and price hikes due to fuel rationing were noticed within the first month of the conflict.
The concerns expressed by some companies like Ryanair, due to the fear of a prolonged conflict and the persistent blockade of the Strait of Hormuz, contrast with the recent statements of EasyJet CEO, Kenton Jarvis: "We are not worried: we have 'visibility' until mid-May."