Jet fuel crisis in Europe due to Iran war:6 weeks of stock left; flights may be cancelled worldwide, air travel will become expensive

The Iran war and closure of the Hormuz route is going to cause a severe shortage of jet fuel in Europe and Asia. According to the International Energy Agency (IEA), Europe now has only 6 weeks of oil left. If supply doesn’t resume soon, flights will be cancelled during the summer holiday season and ticket prices will increase. International Energy Agency (IEA) Director Fatih Birol stated in an interview that the global economy is facing the biggest energy crisis ever. Some European countries usually have several months’ worth of jet fuel stock, but due to the war, this is now depleting rapidly. According to the IEA report, many European countries now have less than 20 days of fuel stock remaining. If it falls below 23 days, physical fuel shortages will become visible at airports, forcing large-scale flight cancellations. Trouble Increased Due to Hormuz Route Closure Europe imports approximately 20 to 25% of its jet fuel requirements. Of this, 40% comes through the Hormuz route. According to Argus Media, since the Iran war began, not a single fuel ship has passed through this route. The supply of 1 to 1.5 crore barrels of oil per day worldwide has been disrupted due to the closure of this route. Burden on airlines increases, fuel accounts for 30% of expenses According to the International Air Transport Association (IATA), jet fuel accounts for 30% of any airline’s total expenses. Since the war began, jet fuel prices have nearly doubled. This is directly impacting airlines’ profits. This is why airlines have now started passing this burden onto passengers. Many companies have increased ticket prices along with raising baggage fees and charges for other add-on services. Several Airlines Have Cut Flights Due to fuel shortage and rising prices, airlines have started taking strict measures: Help from America, but Greater Threat to Asia-Pacific According to experts, Asia-Pacific countries have the highest dependence on Middle East oil, followed by Europe. America is a major oil producer, so there is less crisis of fuel shortage there. To help Europe, America increased its supply 6 times in April to 1.5 lakh barrels per day, but this is not enough to fill the entire gap. What will change for travelers? Just expensive tickets is not the only problem. Experts say that travelers should now be prepared for difficulties like longer distance routes (which will be changed to save fuel), fewer flight options, and last-minute schedule changes. Getting cheap tickets during the peak summer season will become almost impossible. What is the Hormuz Route? This is a narrow maritime passage located between Oman and Iran. It is one of the world’s most important oil routes because most of the crude oil and LNG exported from Gulf countries (Saudi Arabia, UAE, Kuwait) passes through this route to reach the entire world.