Nicosia, Cyprus. Transport Minister Alexis Vafeades said Cyprus currently faces no shortage of fuel stocks amid the continuing conflict in the Persian Gulf, while calling for close monitoring of developments.
Strategic reserves and monitoring
Around 20 per cent of global oil passes through the Strait of Hormuz, a strategic waterway that has been virtually cut off since hostilities began in late February.
Speaking to Stockwatch, Vafeades said the European Commission has monitored the fuel situation since March and appeared ready to respond if needed, as Europe has access to strategic reserves.
“Without being alarmist, we should be very careful and constantly monitor developments,” he said.
Jet fuel clarification
Vafeades later told the Cyprus Mail that his remarks on the adequacy of fuel stocks referred specifically to jet fuel.
He said that, to his knowledge, Cyprus currently has no issue with fuel stocks generally, including both strategic reserves and commercial stocks.
Strategic oil reserves are managed by Kodap, the Organisation for Storage and Management of Oil Stocks, which is supervised by the energy ministry.
The minister said he was not aware of Kodap releasing any strategic reserves to the market since the outbreak of the conflict in the Gulf.
Industry assessment
Dinos Lefkaritis, chief executive of Petrolina, gave a similar assessment, saying the country was covered for the time being.
“However, we don’t know what comes up tomorrow morning,” he said.
