FLASH
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If peace is not achieved with Iran, chaos is expected with flights...
Europe may only have jet fuel available for "about six weeks," the executive director of the International Energy Agency (IEA), Fatih Birol, said on Thursday, warning that flight cancellations could begin "soon" if oil supplies continue to be blocked due to the war in Iran.
In a statement to the Associated Press, Birol presented a grim picture of the global consequences of what he described as "the biggest energy crisis we have ever faced."
According to him, the situation is serious and will have a major impact on the global economy. " The longer it lasts, the more severe the consequences will be for economic growth and inflation around the world ," said the IEA head.
Birol stressed that the immediate impact will be reflected in the increase in gasoline, natural gas and electricity prices.
He assessed that the economic consequences will not be felt equally in all countries. According to him, Japan, South Korea, India, China, Pakistan and Bangladesh are on the front lines of the energy crisis.
" The countries that will be hit hardest will not be the ones that are most heard in the international arena. It will be mainly developing countries, especially the poorest countries in Asia, Africa and Latin America ," Birol said. He added that the consequences will then reach Europe and the United States.
Speaking about Europe, Birol said that if the Strait of Hormuz is not reopened, there may soon be announcements of flight cancellations between European cities due to a lack of jet fuel.
The IEA chief also expressed his opposition to the practice, which he said Iran has already implemented for some ships, demanding millions in payments to be allowed to pass through the Strait of Hormuz. He warned that if this system of "transit fees" becomes permanent, it could set a precedent for other strategic sea routes, such as the Strait of Malacca in Asia.
" If we change this rule even once, it might be difficult to reverse it. It will be difficult to accept a tariff system here but not elsewhere. I would like to see oil flowing unconditionally from point A to point B ," Birol told the Associated Press.
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