Europe may have just six weeks left of jet fuel, with serious consequences for the continent’s economy, the International Energy Agency warned on Thursday.

“Several European countries may start to face shortages of jet fuel in the next 6 weeks, depending how much they are able to import from international markets to replace the lost supply from the Middle East, which accounted for 75% of Europe’s net imports of jet fuel previously,” the IEA told CNBC in an emailed statement.

Earlier, IEA Executive Director Fatih Birol said the Strait of Hormuz blockade will result in “the largest energy crisis we have ever faced,” in an interview with The Associated Press on Thursday.

He added that the broader economic impact includes “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” with some parts of the world “hit worse than the others.”

Birol previously warned that the energy crisis was set to hit harder in April as oil supply constraints worsen.

“In April, there is nothing,” Birol said last month. “The loss of oil in April will be twice the loss of oil in March. On top of that you have LNG and others. It will come through to inflation, I think it will cut economic growth in many countries, especially emerging economies. In many countries the rationing of energy may be coming soon.”

‘Harsh economic impacts’

Analysts echoed similar warnings to CNBC earlier this week, with Claudio Galimberti, chief economist at Rystad Energy, telling CNBC’s Ritika Gupta on “Europe Early Edition,” on Tuesday that the situation facing airlines “pretty much depends on how many barrels will be flowing through the strait.”

Rico Luman, senior economist at ING, told CNBC’s “Squawk Box Europe” on Tuesday: “We’ve seen these vessels now stopping, so supplies from the Middle East have run out, and we need replacements.”

Air travel generates 851 billion euros (nearly $1 trillion) in gross domestic product for European economies each year and supports 14 million jobs, ACI Europe said.

European airline EasyJet said Thursday that the Middle East conflict and rising fuel costs are weighing on customer bookings, with those buying tickets for later in the year down 2% compared with 2025.

Meanwhile, the budget carrier said it took on roughly £25 million ($34 million) in additional fuel costs in March alone, and hedged at least 70% of its summer fuel to protect against volatility.

ACI Europe, which represents airports across the European Union, said last week that peak summer travel will be disrupted, with “harsh economic impacts” for several member states that rely on the economic boost. (CNBC)

The post Europe could run out of jet fuel in 6 weeks, IEA warns appeared first on Newswire.

Global airlines are bracing for a looming jet fuel crisis, with industry experts warning of possible shortages as early as next month. 

The disruption, linked to the continued closure of the Strait of Hormuz, threatens long‑haul flight operations.

Airlines have been warned that they could face jet fuel shortages as soon as next month, raising the risk of flight cancellations to long‑haul destinations at the end of the busy Easter holiday period.

According to The Times, oil traders expect shortages of jet fuel within the coming weeks due to the continued closure of the Strait of Hormuz, as reserve supplies are being depleted and not replenished.

This week, Vietnam became the first country to warn of possible flight cancellations from April, after China and Thailand announced they were halting exports of fuel to safeguard their own supplies.

Other countries are expected to follow suit in the coming days, with industry experts cautioning that airlines may be forced to suspend services to certain long‑haul destinations if they cannot secure fuel for return journeys.

Britain is also vulnerable to potential disruption if the conflict continues, as the majority of the country’s imported jet fuel comes from Kuwait, Saudi Arabia, and the United Arab Emirates. (Newswire, The Times)

The post Global Airlines warned of looming Jet Fuel shortages appeared first on Newswire.

Airport and Aviation Services (Sri Lanka) (Private) Limited (AASL) and Cannel (Private) Limited entered into a long-term lease agreement to establish a Jet Fuel supply and storage facility at the Bandaranaike International Airport (BIA), Katunayake.

Issuing a statement, the AASL said the Jet Fuel supply and storage facility will be established to import, store, distribute, transport, sell and supply Jet Fuel to service providers and aircraft.

This is a significant achievement of AASL as the Statutory Service Provider to grant the opportunity to Cannel (Private) Limited to establish another Jet fuel storage facility, which will result in expanding the market to supply Jet A-1 fuel without any shortage in the future.

Earlier, the Cabinet of Ministers approved to expansion of the market opportunities for the supply of Jet A-1 fuel to airlines.

Accordingly, the Ministry of Ports, Shipping and Aviation has sought approval from the Cabinet of Ministers for AASL to enter into an Agreement. (NewsWire)

The post Jet Fuel Supply & Storage Facility to be established at Katunayake Airport appeared first on Newswire.