Europe has avoided a shortage of jet fuel that some market experts feared before the start of the peak season, Bloomberg reports. A sharp rise in local production and a shift in imports made up for the reduction in shipments from the Persian Gulf.
Concerns about a potential shortage of jet fuel in Europe led to the continent’s dependence on supplies from the Persian Gulf, the agency notes. The closure of the Strait of Hormuz due to the war with Iran blocked the tankers’ traditional route from the region. This resulted in a record spike in aviation fuel prices and forced airlines to cancel flights. In April, the International Energy Agency said that Europe’s stocks of aviation fuel remained, possibly, “for six weeks or so.”