European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas has issued a precautionary warning regarding the stability of aviation fuel supplies amid escalating tensions in the Middle East. He stated that, although supplies are currently sufficient, significant disruptions are a real possibility if the ongoing crisis persists beyond early June.
Addressing the Delphi Economic Forum, Tzitzikostas explained that the market remains well-stocked, with emergency reserves capable of covering demand for approximately three months should the need arise. However, he emphasized that the situation could worsen rapidly if tensions escalate, especially if shipping routes through the Strait of Hormuz are affected.
The commissioner described the current energy scenario as unprecedented, warning that prolonged disruptions could have widespread economic repercussions, including shortages of goods, inflation, and recession. He highlighted the potential decline in tourism, particularly from Asia, and the challenges this could pose for Europe's summer season.
Tzitzikostas noted that despite the market's stability, high fuel prices are causing more disruption to flight schedules than actual supply shortages. He also mentioned ongoing efforts by the EU to develop coordinated fuel management strategies across member states, including the possible joint use of emergency reserves, should conditions worsen.
He concluded by referencing the European Commission’s “AccelerateEU” initiative designed to enhance energy resilience and reduce fossil fuel dependence, underscoring that a swift resolution to the crisis would still take months to restore normal market conditions.
