EU: ‘No aviation fuel shortages but ready to act’

Brussels, 17 Apr. (LaPresse) – “The Oil Coordination Group met yesterday and concluded that there are currently no fuel shortages in the European Union; however, we are preparing for possible aviation fuel supply shortages, which remain a cause for concern. The concern is that our refineries cover around 70% of EU consumption, and the rest obviously depends on imports. And if the situation in the Strait of Hormuz were to persist, the European Union would prepare to launch possible coordinated actions regarding aviation fuel.” This was stated by European Commission spokesperson Anna-Kaisa Itkonen during the daily press briefing, in response to a question regarding the International Energy Agency’s claims that Europe has six weeks’ worth of aviation fuel remaining. “Regarding the various assessments, including that of the International Energy Agency, this referred to Europe, which is not exactly the same as the European Union. Obviously, we are fully aware of the situation and also receive real-time information from our industry. However, despite these estimates of how long supplies will last, this does not mean we will run completely out of aviation fuel. Aviation fuel is part of a global market with continuous supply and is supported by ongoing production and storage,” he reassures. “So, even in Europe, there remains a significant capacity for aviation fuel supply. We are, of course, aware, as is everyone else, that the aviation fuel markets are under strain and are being closely monitored. The European Union maintains emergency stocks in accordance with European legislation, which can be released if necessary. So far, however, the market is managing this tense situation without any shortages occurring,” he points out.