IEA: Jet Fuel Crisis Due to Regional Conflict Hits Asia, Europe to Follow

Moscow (ANTARA) - The crisis in jet fuel and diesel supplies due to the Middle East conflict is sweeping across Asia and is expected to reach Europe in April or ahead of May, said Fatih Birol, Executive Director of the International Energy Agency (IEA).

“The biggest problem right now is the lack of jet fuel and diesel. This is the main challenge. We have already seen it in Asia, but it will soon arrive, I think in April, it will reach Europe, or perhaps early May,” Birol said in a podcast with Nicolai Tangen.

He noted that the oil lost in April will be twice as much as in March. Therefore, he said, this situation will cause inflation and slow economic growth in many regions, especially in developing countries and emerging economies that face foreign exchange limitations.

At the same time, Carsten Spohr, CEO of German airline group Lufthansa, also warned of the threat of jet fuel shortages, particularly outside Europe, due to supply disruptions caused by the conflict in the Middle East.

On 28 February, the United States and Israel launched attacks on several targets in Iran, including in Tehran, which caused damage and civilian casualties. Iran then carried out a retaliatory action, attacking areas in Israel and US military facilities in the Middle East.

The escalation surrounding Iran has led to a de facto blockade of the Strait of Hormuz, the main route for shipping oil and liquefied natural gas from Persian Gulf countries to global markets. That situation has also impacted export levels and oil production in the region, thereby driving up prices.