Europe may have only six weeks of jet fuel remaining as a blockage of the Strait of Hormuz threatens to trigger a massive global energy crisis.
- Europe faces potential flight cancellations “soon” due to critical jet fuel shortages.
- Developing nations in Asia, Africa, and Latin America are expected to be hardest hit.
- Global costs for petrol, gas, and electricity are projected to rise.
Impact of the Global Energy Crisis
International Energy Agency (IEA) Executive Director Fatih Birol described the current situation as the largest energy crisis the world has ever faced. The crisis stems from the pinch-off of oil, gas, and other vital supplies passing through the Strait of Hormuz.
Birol warned that the prolonged blockage will have major implications for the global economy, specifically regarding inflation and economic growth. The disruption is expected to result in higher prices for electricity, gas, and petrol.
Regional Vulnerabilities
The economic pain will be felt unevenly across the globe. Birol identified Japan, Korea, India, China, Pakistan, and Bangladesh as being on the front line of the crisis.
The director emphasized that poorer countries in Asia, Africa, and Latin America will suffer the most. He noted that while these voices are often unheard, the crisis will eventually reach Europe and the Americas.
Threat to Aviation
Regarding the immediate impact on European travel, Birol stated that if the Strait of Hormuz is not reopened, flight cancellations between cities are likely to occur soon due to a lack of jet fuel.
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