Europe's summer travel is on the line as airlines' jet fuel supply dwindles [CNBC]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
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Source: CNBC
The International Energy Agency's chief told CNBC jet fuel demand in August is typically 40% above March demand. Analysts expect airlines to hedge against rising fuel costs and customers to travel closer to home. In this article Peak travel season is almost here, but the International Energy Agency's head told CNBC that Europe may struggle to meet surging jet fuel demand as the Middle East crisis continues. The IEA's chief Fatih Birol said that Europe needs to secure alternative sources of jet fuel as the Strait of Hormuz, which previously carried roughly 20% of the world's oil supply remains closed. “In August, jet fuel demand is about 40% higher than in March, so demand will increase, and if the supply stays where it is now, the challenge can be even bigger, but I very much hope that Europe will be importing energy,” Birol said in a conversation with CNBC's Steve Sedgwick at CONVERGE LIVE in Singapore on Thursday. Middle East refineries provide Europe with around 75% of
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