IEA Warns: Europe's Aviation Fuel Could Run Out in Six Weeks
Wallstreetcn·
- The International Energy Agency (IEA) has warned of an impending aviation fuel shortage in Europe, potentially within six weeks, coinciding with the peak travel season.
- The crisis stems from a heavy reliance on Middle Eastern supplies, which constituted 75% of Europe's aviation fuel imports, disrupted by a blockade in the Strait of Hormuz.
- This situation threatens a significant economic impact, with potential losses nearing €851 billion annually and about 14 million jobs at risk, exacerbated by rising fuel costs and diminished consumer demand.