Holidays to Spain could be at risk this summer (Image: Getty)
Three major oil companies have warned that the Spanish jet fuel supply is only secure until the end of the month. Energy giants Repsol, Moeve and BP have said that the Strait of Hormuz crisis is having an effect on supply, while industry experts have warned that Europe only has weeks of jet fuel left. It comes as the Strait, which is a vital passage for getting oil out of the Arabian Gulf, remains blocked by Iran amid its war with the US and Israel.
Iran’s supreme leader, Mojtaba Khamenei, recently said that Tehran would secure the Strait and blasted “the enemy’s abuses of the waterway”. Meanwhile, Jordi Hereu, Spain’s Industry and Tourism Minister, recently warned that flights could get a lot pricier as the crisis continues, urging holidaymakers to book their trips sooner rather than later. Some passengers have already noticed price increases for airfares, with some airlines revealing that they plan to operate a reduced service as the Strait of Hormuz remains blocked.
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Repsol, Moeve and BP have said that jet fuel supplies are only secured until the end of May. Meanwhile, industry experts have said that a shortage in jet fuel during Spain’s busy tourist season would result in disruptions, including cancellations and delays.
Simon McCulloch of insurance provider Staysure Expat warned: “For people planning a trip, I’d advise them to carefully study all the latest advice and, if possible, choose a stable area without travel warnings in place.
“If you have already made bookings to the areas currently affected by this conflict, contact your airline, tour operator and accommodation provider, as well as your travel insurance company, to receive recommendations and to understand your rights if you do choose to travel.”
However, Secretary of State for Energy Sara Aagesen said Spain is in a relatively strong position, as around 80% of its kerosene is produced domestically.
This, she says, reduces the country’s reliance on external supply chains and helps Spain’s supply stay relatively safe from global shocks such as the Strait of Hormuz blockade.
However, Hereu urged holidaymakers to book flights now before prices increase. He told Spanish newspaper Expansion: “What we’re recommending is that people buy their tickets now because it’s true that (airlines) are currently using kerosene that was purchased some time ago, and therefore there’s an element of price fluctuations involved.
“It’s already clear that prices have risen, and this could affect demand.” Dan Jorgensen, the EU energy commissioner, cautioned that Europe is facing a “very serious crisis,” as jet fuel shortage risks causing major disruption to travel plans.
He recently told Sky News: “Unfortunately, it’s very likely that many people’s holidays will be affected, either by flight cancellations or very, very expensive tickets. Even if we do everything we can do, if the jet fuel is not there, then it’s not there.”
