Although some airlines have announced restrictions in their flight network, the EC estimates that the market is coping with the tense situation caused by the global turmoil on the oil market.
Read also: Iran opens the Strait of Hormuz. Oil is the cheapest in many weeks
Jet fuel problems?
The director of the International Energy Agency (IEA), Fatih Birol, warned a day earlier that Europe had about six weeks' supply of jet fuel. In his opinion, if the conflict in the Persian Gulf region – including, among others, USA, Israel and Iran – will escalate and oil supplies will remain blocked, flights may be canceled in the coming weeks.
The EC spokeswoman referred to these words, pointing out that the EU Petroleum Coordination Group, which met on Thursday, has not currently noted any oil shortages in the European Union. However, as she emphasized, concerns about potential problems with the availability of aviation fuel are growing.
— The cause for concern is the fact that European refineries are only able to satisfy 70 percent of demand. aviation fuel demand in the EU, with the remainder dependent on imports. If the situation in the Strait of Hormuz does not improve, the EU will prepare for possible coordinated action regarding aviation fuel, Itkonen said.
Europe's refining capacity
She stressed, however, that even in the event of further tensions, the six-week period indicated by Birol did not mean the complete exhaustion of jet fuel stocks in Europe. — Aviation fuel operates within a global market, which means it is supported by current production, imports and stocks. Europe also has its own refining capabilities for this fuel – explained the spokeswoman.
Despite the EC's assurances, some carriers are already taking preventive measures. Dutch airline KLM announced the cancellation of 160 flights in Europe in the coming month, explaining the decision by rising fuel prices. Lufthansa announced that from Saturday it would ground 27 planes belonging to its subsidiary CityLine.
Itkonen emphasized that these decisions are made individually by airlines and are not the result of systemic fuel shortages. – There is no indication that the situation could lead to mass flight cancellations – she concluded.
The European Union, in accordance with applicable regulations, maintains fuel reserves for 90 days. If necessary, Member States may decide to release part of these stocks, including for aviation fuel.
