Nicosia, Cyprus. Cyprus does not currently face an aviation fuel shortage, Energy Minister Michalis Damianos said on Thursday, adding that authorities are monitoring developments and do not expect supply disruptions.
The statement was the government’s second assurance this week regarding jet fuel availability, following similar comments by the transport minister on Tuesday.
Supply outlook
Speaking at a press conference reviewing the Energy Ministry’s work during Cyprus’ presidency of the Council of the European Union, Damianos said fuel stocks were considered adequate.
“As far as adequate fuel stocks go, we don’t think there is a problem,” he said.
He said a problem could arise later concerning aviation fuel, but added that the current situation appeared manageable and there was no cause for concern.
Regional supply routes
Around 20 per cent of global oil transits through the Strait of Hormuz, a strategic waterway that has been virtually cut off since hostilities began in late February.
Cyprus imports fuel from two main sources: the refinery in Haifa and the refinery at Aspropyrgos, Greece.
European jet fuel stocks
Reuters recently reported that Europe has less than a month’s supply of jet fuel stocks. Inventories stood at 38 million barrels at the start of June, compared with 99 million barrels in the United States.
Reuters calculations showed that European stocks cover less than 30 days of demand, making it the tightest among major jet fuel markets.
The European Commission has acknowledged that the situation could worsen. EU Energy Commissioner Dan Jorgensen said in June that the bloc faced tighter jet fuel stocks toward the end of the summer holiday season and that Brussels would coordinate releases of national reserves if needed.