EU considers alternative energy sources amid Iran conflict concerns

European Union Officials Address Concerns Over Jet Fuel Supplies Amid Blockade of Strait of Hormuz

The European Union is taking steps to address concerns over jet fuel supplies amid the ongoing blockade of the Strait of Hormuz, a critical passage for global oil and liquefied natural gas shipments. The EU imports approximately 30-40% of its jet fuel needs, with roughly half coming from the Middle East.

Transport Commissioner Apostolos Tzitzikostas has assured that there is no evidence of “actual shortages” of jet fuel currently, despite mounting pressure on supplies due to the Iran conflict. He stated that widespread flight cancellations are not expected over the summer and that airlines have cancelled flights primarily due to high fuel costs.

Tzitzikostas acknowledged that stocks were under pressure in parts of Europe but emphasized that the EU is closely monitoring the situation and that the market is responding to the pressure. The European Commission plans to present a broad package of energy and transport measures on Wednesday, which will include the establishment of a new “fuel observatory” to monitor supplies.

The EU is also investigating alternative sources of jet fuel, including from the United States. Tzitzikostas announced that the EU would assess whether it needs a minimum stock obligation for jet fuel, requiring member states to maintain a minimum emergency reserve.

According to Fatih Birol, head of the International Energy Agency, Europe has approximately six weeks’ worth of jet fuel left. However, Tzitzikostas noted that the market is managing the pressure and there are no signs of bottlenecks. Airlines will receive guidance on passenger rights and public service obligations in the event of jet fuel shortages.

The European Commission’s measures aim to mitigate the impact of the blockade on the aviation industry, which is preparing for the Northern Hemisphere summer travel season.

Source: Al Jazeera