EU worries jet fuel supply situation to worsen

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Commercial supplies of jet fuel may worsen this summer despite the improving situation in the Strait of Hormuz, AFP reports quoting EU Energy Commissioner Dan Jorgensen.

Since June 15, traffic has been steadily increasing through the strait, which normally sees around a fifth of the world’s oil and gas exports.

Jorgensen says that even with the pickup in maritime traffic through the strait, it will take time for energy markets to recover.

“It will still take some months to get back to normal for oil and some years to get back to normal on gas because of the destruction of infrastructure in the region,” he states.

Jorgensen says that in “the short term, there will most likely be a more serious situation with regard to the commercial stocks when we reach the end of the summer”.

He adds that EU nations may need to release jet fuel supplies to avoid shortages and that the officials will monitor the situation.

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