Jet fuel bidding war breaks out as airlines confront ‘global stress test' over shortages and cancellations Stock chart icon International Consolidated Airlines Group. Stock chart icon Luft...
AIR FRANCE-KLM ADS (AFLYY)
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Source: CNBC
The International Energy Agency earlier this month warned that Europe could run out of jet fuel in weeks. The prospect of sweeping cancellations, coupled with stiff price hikes on remaining routes, looms large across the continent. In this article Europe is urgently turning to alternative suppliers of jet fuel as imports from the Middle East remain knocked out — but the continent must “fight for every cargo” in what analysts have dubbed a “global stress test” for the airline industry. The loss of Middle Eastern jet fuel because of the Iran war is quickly becoming an acute logistics problem for Europe, according to analysts at Societe Generale. The continent's average daily demand of about 1.6 million barrels of jet fuel a day is typically met primarily through domestic production, at 1.1 million barrels per day. But the additional 500,000 barrels is met via imports — three-quarters of which traditionally arrived from the Middle East, SocGen analysts said in a note Monday.
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