Europe will have enough jet fuel for six weeks - head of the International Energy Agency

Europe has about six weeks of aviation kerosene supplies left, and flight cancellations could soon begin if oil supplies continue to be blocked by the war in Iran. The director of the International Energy Agency, Fatih Birol, said this in an interview with the Associated Press, describing the situation as the largest energy crisis in history. According to him, news will soon appear that flights between individual cities in Europe are being canceled due to lack of fuel.

Birol, who has headed the agency since 2015, warned that the crisis caused by the blockage of oil, gas and other supplies through the Strait of Hormuz would hit the global economy - and the longer it lasts, the worse he said the consequences would be. They will manifest themselves in rising prices for gasoline, gas and electricity, and it will not be those countries “whose voice is well heard” that will suffer the most; the developing countries of Asia, Africa and Latin America will bear the brunt of the blow.

However, the head of the IEA noted that no country is protected from the crisis. He warned that without ending the war and resuming stable operation of the strait, some of the oil products could simply run out soon. More than 110 oil tankers and over 15 liquefied natural gas carriers are now waiting in the Persian Gulf to pass through the Strait of Hormuz. They could mitigate the deficit, but even this is not enough, Birol clarified.

Separately, Birol spoke out against the system of entry fees that Tehran introduced for some ships. In his opinion, if such a practice takes hold, it will be extremely difficult to reverse it, and there is a risk that a similar regime will be applied to other strategically important waterways, including the Strait of Malacca in Asia.

Even if the war ends with a peace agreement, it will not be possible to return to pre-war production volumes quickly. Birol estimates that more than 80 key energy facilities in the region were affected, and over a third of them suffered severe or very severe damage. Restoration, he said, will take up to two years of gradual work.

In mid-March, the IEA demanded that member countries collectively release 400 million barrels of oil from their reserves onto the market in an effort to stem the price surge triggered by the war. Then the Brent price during trading reached $119.5 per barrel - the maximum since the summer of 2022.