Europe's jet fuel imports from Middle East stop, raising supply crunch fears [BNN Bloomberg (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: BNN Bloomberg
European countries that are part of the Organization for Economic Co-operation and Development grouping of industrialized nations consume about 1.6 million barrels per day (bpd) of jet fuel and kerosene, while regional refineries produce only around 1.1 million bpd, leaving a shortfall of at least 500,000 bpd that imports must cover. Last year, nearly 60 per cent of OECD Europe's jet fuel imports from outside regions came from the Middle East, according to Kpler data, leaving Europe highly exposed to disruptions linked to the conflict and the closure of key shipping routes. European airlines have warned about the impact of high jet fuel prices, though they generally have played down fears of an imminent shortage. Budget airline Wizz's CEO said he did not see jet fuel shortages on Monday, echoing comments from British Airways last week. Portuguese refiner and dominant jet fuel supplier Galp also said it did not expect supply disruptions ahead of the holiday travel season. Swed
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