Europe has “maybe 6 weeks or so (of) jet fuel left,” the head of the International Energy Agency said Thursday in an interview with The Associated Press, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.
IEA Executive Director Fatih Birol painted a sobering picture of the global repercussions of what he called “the largest energy crisis we have ever faced” stemming from the pinch-off of oil, gas and other vital supplies through the Strait of Hormuz.
“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he said.
The impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” Birol told AP.
Economic pain will be felt unevenly, with some countries “hit worse than the others,” he said, naming Japan, Korea, India, China, Pakistan and Bangladesh as being on the front line of the energy crisis.
“The countries who will suffer the most will not be those whose voice are heard a lot. It will be mainly the developing countries. Poorer countries in Asia, in Africa, and in Latin America,” he said.
“Then it will come to Europe and the Americas,” he added, speaking from his Paris office looking out over the Eiffel Tower.
If the Strait of Hormuz isn’t reopened, he said that for Europe, “I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel.”
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