.jpg)
1 hour ago
3
Article content
(Bloomberg) — Europe faces a systemic jet-fuel shortage in three weeks’ time if the Strait of Hormuz remains restricted until then, a regional airport trade association warns.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
A fuel crunch would trigger severe disruptions to airports and airlines, significantly hurting the continent’s economy, ACI Europe wrote in a letter Thursday to two European Union commissioners.
Article content
Article content
“If the passage through the Strait of Hormuz does not resume in any significant and stable way within the next 3 weeks, systemic jet fuel shortage is set to become a reality for the EU,” the group said in the letter obtained by Bloomberg News.
Article content
Article content
The Iran war is slamming the global aviation industry through higher oil prices, closed airspaces and restricted flight routes. Many airlines have responded by raising fuel surcharge fees and adding levies on baggage.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The closing of the Strait of Hormuz during the conflict put pressure on oil markets, pushing prices above $100 a barrel. While the recent ceasefire between the US and Iran is positive news, jet fuel and ticket prices will remain elevated for some time, Willie Walsh, director general of the International Air Transport Association, said earlier this week.
Article content
The concerns are growing around jet-fuel supplies because airlines are entering the peak summer travel season, ACI Europe warned EU Energy and Housing Commissioner Dan Jorgensen and EU Transport Commissioner Apostolos Tzitzikostas.
Article content
In recent days, seven Italian airports restricted access to jet fuel because of shortages. Other nations, including China, have taken measures to safeguard local supplies.
Article content
ACI Europe called on the bloc to monitor and assess production and availability during the next six months.
Article content
“This crisis has exposed the reduced refining capacity of the EU for jet fuel production, and its acute dependence on imports from other world regions,” the group said.
Article content
(Updates throughout with details from letter, context. Edits to conform.)
Article content
English (US)