The European Union is considering jet fuel imports from the United States and establishing new minimum reserve quotas while exploring alternatives amid a supply shortage caused by the Iran conflict.
Though there is increasing pressure on jet fuel supplies in the EU, Transport Commissioner Apostolos Tzitzikostas asserted on Tuesday that there is no proof of “actual shortages” of jet fuel at this time, and widespread flight cancellations are not anticipated this summer.
The EU official’s effort to alleviate concerns occurred during the ongoing blockade of the Strait of Hormuz, typically the route for one-fifth of the world’s oil and liquefied natural gas supplies, sparking worries about global supply.
A week ago, Fatih Birol, the leader of the International Energy Agency, stated that Europe might have “approximately six weeks or so [of] jet fuel remaining,” cautioning about potential flight cancellations “in the near future” if the war continues to disrupt oil supplies.
Tzitzikostas acknowledged that stocks were “under pressure” in certain areas of Europe, but noted that the EU is monitoring the situation closely, the market is reacting to the pressure, and there were no indications of bottlenecks.
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He recognized that some airlines had canceled flights, but claimed that it was due to elevated fuel prices, not because of a supply shortage.
He stated that airlines will receive guidance on passenger rights and public service responsibilities during jet fuel shortages.
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The EU relies on imports for 30 to 40 percent of its jet fuel requirements, with around half sourced from the Middle East.
“Europe keeps emergency reserves. These stocks may be and will be made available only if required. “At this point, though, the market is handling the pressure well, and there is no indication of real shortages,” stated Tzitzikostas.
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The European Commission is expected to unveil a comprehensive set of energy and transport initiatives on Wednesday. Tzitzikostas announced that a new "fuel observatory" will be created to oversee supplies, beginning with jet fuel.