The European Union (EU) will propose measures to optimize the distribution of kerosene among member states and identify alternative sources of supply, Bloomberg reported.
The EU imports approximately 40% of its jet fuel, with half of this volume coming through the Strait of Hormuz. Europe is not expected to experience a shortage in April, but if the blockade of the key sea route continues, the situation could change in May.
In this case, the EC will be ready to “relax“ legislation next month, in particular regarding takeoff and landing times and the consequences of flight cancellations due to fuel shortages. Brussels will also consider the issue of refueling planes with excess fuel at airports to avoid buying more expensive fuel at the destination.
Brussels will also conduct an analysis of oil stocks in the region and set up monitoring stations at all stages of the supply chain.
According to forecasts by the International Air Transport Association (IATA), European airlines may start canceling flights by the end of May due to a shortage of kerosene. The association believes that European authorities should take “all possible measures to ensure alternative supply channels“ and have “coordinated plans in case rationing becomes necessary” of kerosene.
As IATA CEO Willie Walsh previously stated, restoration of jet fuel supplies will take several months, even if shipping in the Strait of Hormuz is restored thanks to a ceasefire between Iran and its adversaries. The rise in global jet fuel prices is linked to the conflict in Iran, which the United States and Israel began on February 28. Because of this, global air carriers were forced to raise ticket prices and cancel flights.