IEA warns of potential fuel shortages due to Hormuz Strait blockades

Fatih Birol, Executive Director of the International Energy Agency (IEA), has identified the ongoing crisis in the Strait of Hormuz as the most significant energy challenge faced to date. He warned that if supply disruptions caused by the conflict with Iran continue, Europe could face a shortage of aviation fuel within approximately six weeks, potentially leading to flight cancellations. Birol stated that the crisis is driving up prices for gasoline, natural gas, and electricity, noting that Asian economies like Japan, South Korea, India, China, Pakistan, and Bangladesh are currently the most vulnerable. Following Asia, he warned that Europe and the United States would also face severe economic consequences and inflationary pressures. Conversely, the European Commission, represented by spokesperson Anna-Kaisa Itkonen, stated that there is currently no evidence of an immediate fuel shortage in the EU. The Commission confirmed that crude oil supplies to refineries remain stable, though aviation fuel is identified as a primary area of concern. EU refineries currently meet approximately 70% of local demand, with the remainder relying on imports. The Commission is coordinating with member states through weekly meetings to monitor oil and gas stocks.