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.
