The executive director of the International Energy Agency Fatih Birol warned on April 16 of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.
Europe has “maybe six weeks or so (of) jet fuel left,” the head of the IEA said in an interview with the Associated Press. He described the situation as “dire straits” because of what he called “the largest energy crisis we have ever faced,” because of the cessation of deliveries of oil, gas and other vital supplies from the Persian Gulf producers.
“Some countries may be richer than the others. Some countries may have more energy than the others, but no country, no country is immune to this crisis,” he said, adding that some oil products may dry up altogether.
In its April Oil Market Report, the IEA said, “Resuming flows through the Strait of Hormuz remains the single most important variable in easing the pressure on energy supplies, prices and the global economy.” In the case of a prolonged conflict in the Middle East, “energy markets and economies around the world need to brace for significant disruptions in the months to come,” the report warned.
