Europe may soon be faced with the largest energy crisis in its history, according to International Energy Agency (IEA) Executive Director Fatih Birol, who told Associated Press that the continent may have only “six weeks or so (of) jet fuel left”.
Birol said continued disruption of oil flows, particularly through the Strait of Hormuz due to the Iran war, could soon force airlines to cancel flights. “Soon we will hear the news that some flights from city A to city B might be canceled as a result of lack of jet fuel,” he said.
Birol warned that the longer the disruption continues, the more severe the consequences for global economic growth and inflation. He described the potential fallout as “the largest energy crisis we have ever faced.”
He went on to add that impact will affect all countries, with developing nations set to suffer the most. “Poorer countries in Asia, in Africa and in Latin America,” he told AP.
At the same time, consumers worldwide should prepare for rising gasoline, natural gas, and electricity prices.
Commenting on the so-called “toll booth” system with Iran reportedly charging for passage through the strait, Birol said it may set a precedent that could be applied to other waterways, including the vital Malacca Strait in Asia.
“If we change it once, it may be difficult to get it back,” he said.
