Itkonen: EU won't face complete depletion of jet fuel reserves

The European Union is not experiencing a shortage of jet fuel, but authorities are preparing for possible supply disruptions, EU Energy Spokesperson Anna-Kaisa Itkonen said at a briefing in Brussels, Report informs.

"There are no fuel shortages in the European Union at present. Our refineries cover around 70% of the EU's consumption, and the remainder is obviously reliant on imports. If the situation in the Strait of Hormuz continues, the European Union will be preparing to launch possible coordinated action regarding jet fuels.

So far, the market is managing this tightness without any shortage. Real-time coordination or very frequent coordination, having a full situational awareness of where we are, helps us to determine next steps. We keep emergency stocks in accordance with European Union law, and these can be released if needed by the market," she added.

Earlier, the executive director of the International Energy Agency, Fatih Birol, warned that Europe may only have about six weeks of jet fuel reserves left, increasing concerns among market participants and airlines.