Europe may face flight cancellations within weeks as jet fuel supplies dwindle, IEA warns

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IEA chief warns Iran war-driven supply crunch could ground European routes within weeks, deepen global energy crisis and fuel inflation

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Europe has “maybe 6 weeks or so (of) jet fuel left,” the head of the International Energy Agency said Thursday in a wide-ranging Associated Press interview, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.

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International Energy Agency (IEA) Executive Director Fatih Birol painted a sobering picture of the global repercussions of what he called “the largest energy crisis we have ever faced,” stemming from the pinch-off of oil, gas and other vital supplies through the Strait of Hormuz.

“In the past there was a group called Dire Straits.' It's a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he said.

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The impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” Birol told AP, with some parts of the world “hit worse than the others.”

“The front line is the Asian countries” that rely on energy from the Middle East, he said, naming Japan, Korea, India, China, Pakistan and Bangladesh.

“Then it will come to Europe and the Americas,” he added, speaking from his Paris office looking out over the Eiffel Tower.

If the Strait of Hormuz isn't reopened, he said that for Europe, “I can tell you soon we will hear the news that some of the flights from city A to city B might be cancelled as a result of lack of jet fuel.”

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