Fatih Birol, Executive Director of the International Energy Agency, said in an interview with the Associated Press that the situation reflects a broader energy crisis linked to disruptions in the flow of oil, natural gas and other critical supplies through the Strait of Hormuz.
He said that if the crisis continues without a solution, the consequences for the global economy will be significant. “There will be significant implications for the global economy. And the longer it goes on without a solution, the worse it will be for economic growth and inflation around the world,” he said.
According to Birol, the impact will be reflected in higher gasoline, natural gas and electricity prices, with some regions expected to be affected more than others. He said Asian countries that depend heavily on Middle East energy, including Japan, South Korea, India, China, Pakistan and Bangladesh, are on the front line of the impact.
“Then Europe and America will come,” Birol added.
Referring specifically to the European aviation market, he warned that if the Strait of Hormuz does not reopen, problems in jet fuel availability could emerge soon. “I can tell you soon we will hear the news that some of the flights from city A to city B may be cancelled because of a lack of aircraft fuel,” he said.
At the same time, according to Chinese website Caixin Global, Chinese and other Asian airlines have already started cancelling flights in order to manage the increase in aviation fuel costs linked to the conflict in the Middle East.
The comments from the head of the International Energy Agency add to concerns over the impact of the energy crisis on aviation, as uncertainty around supply flows and fuel prices continues to affect both energy markets and airline operations.
