IEA Chief: "Europe Has Six Weeks of Jet Fuel Left... Prolonged War Could Lead to Economic Slowdown"
by Hwang Yoonju
Published 17 Apr.2026 03:06(KST)
Updated 17 Apr.2026 09:14(KST)
If the Strait Remains Blocked Until the End of May, Recession Looms
Asia, Including Korea, on the Front Lines of Impact
Party Biroll, Executive Director of the International Energy Agency (IEA). Reuters Yonhap News
원본보기 아이콘Fatih Birol, Executive Director of the International Energy Agency (IEA), warned on April 16 (local time) that, due to the war involving Iran, Europe's jet fuel reserves amount to only about six weeks' supply and that, if the war intensifies, airlines could face mass flight cancellations. He also expressed concern that if the Strait of Hormuz remains blocked through May, there is a possibility of economic slowdown.
According to Bloomberg that day, Executive Director Birol said in an interview with the Associated Press that the blockade of the Strait of Hormuz constitutes "the largest energy crisis we have ever experienced."
He stated, "If the Strait of Hormuz is not fully reopened, we will soon begin hearing that some flights from City A to City B are being canceled due to a shortage of jet fuel."
About 20% of global jet fuel demand is supplied through the Strait of Hormuz. The blockade has pushed jet fuel prices above $200 per barrel. As a result, airlines have entered emergency management, reducing flight schedules and taking other measures. Netherlands-based KLM has canceled 160 flights departing from and arriving at Amsterdam in May, while Germany's Lufthansa plans to ground some aircraft operated by its subsidiary CityLine.
Executive Director Birol expressed concern that if the war involving Iran continues and the blockade of the Strait of Hormuz extends through the end of May, a recession is likely. Previously, in March, he noted that oil supplies had been secured ahead of the war, so there were no immediate issues, but he warned that as supply constraints worsen, the risk of oil shortages would intensify further in April.
He stated, "If the Strait of Hormuz does not reopen by the end of May, many countries-starting with those whose economies are vulnerable-will face tremendous difficulties, from high inflation to slowing growth, and even recession in some cases."
He added, "Asia will be on the front lines of the impact, including Japan, Korea, India, China, Pakistan, and Bangladesh, followed by Europe and the Americas," emphasizing, "If the war does not end, no country will be immune."
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