Europe has “about six weeks” of jet fuel reserves left. If the war in the Middle East continues to block energy supplies, flights will soon have to be canceled due to fuel shortages.
This was stated by Fatih Birol, Executive Director of the International Energy Agency, in an interview with the Associated Press.
According to Birol, many government officials say that if the Strait of Hormuz is not opened by the end of May, many countries (especially those with weaker economies) will face enormous challenges — ranging from high inflation to economic recession.
Birol also opposed the so-called strait toll system, which Iran is pushing in peace talks with the United States and has already applied to some ships. He said the scheme risks setting a precedent that could then be applied to other waterways, including the vital Strait of Malacca between Malaysia, Indonesia and Singapore.
Birol said that there are more than 110 tankers loaded with oil and more than 15 ships carrying liquefied natural gas waiting in the Persian Gulf — they could help ease the energy crisis if they could access global markets through the Strait of Hormuz. But he added that this is not enough.
Even if a peace deal is reached, the damage to energy facilities caused by the war means it will be many months before pre-conflict production levels are restored. More than 80 key facilities in the region have been damaged, with more than a third of them severely or very seriously damaged. Birol estimates that it will take up to two years to return to pre-war production levels.
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