\n<\/p>\n
The head of the International Energy Agency has warned that Europe has about six weeks of jet fuel left.<\/strong><\/p>\n In an interview with Associated<\/strong> Press<\/strong> published today, IEA executive director Fatih<\/strong> Birol<\/strong> warned that flight cancellations could begin \u201csoon\u201d if oil supplies remain blocked by the Iran war.<\/p>\n Birol<\/strong> said Europe has \u201cmaybe 6 weeks or so (of) jet fuel left,\u201d after the effective closure of the strait of Hormuz led to \u201cthe largest energy crisis we have ever faced.\u201d<\/p>\n He told AP<\/strong> that the impact will be \u201chigher petrol (gasoline) prices, higher gas prices, high electricity prices,\u201d adding that some parts of the world will be hit worse than others.<\/p>\n \u201cThe front line is the Asian countries\u201d that rely on energy from the Middle East, he said, naming Japan, Korea, India, China, Pakistan and Bangladesh, adding:<\/p>\n double quotation mark\u201cThen it will come to Europe and the Americas.\u201d<\/p>\n And if the strait of Hormuz isn\u2019t reopened, Birol<\/strong> said that for Europe:<\/p>\n double quotation mark\u201cI can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel.\u201d<\/p>\n The US is currently blockading Iranian ports, whiel Tehran has laid mines in the vital waterway to restrict traffic through the strait.<\/p>\n Yesterday, IMF chief Kristalina Georgieva warned that the disruption from the Middle East conflict would continue even after the war stops, explaining:<\/p>\n double quotation mark\u201cWe need to recognise disruptions are not going to evaporate overnight even if the war ends tomorrow. Why? Because a tanker is a slow-moving vessel. It would take 40 days to get all the way to Fiji.\u201d<\/p>\n Share<\/p>\n Updated at\u00a007.12 EDT<\/p>\n <\/span><\/span><\/p>\n Key events<\/p>\n <\/span>Show key events only<\/p>\n Please turn on JavaScript to use this feature<\/span><\/p>\n <\/span><\/p>\n American industrial output dropped last month \u2013 an early sign that higher energy price are hurting Donald Trump\u2019s domestic economy.<\/strong><\/p>\n Production at US factories, mines and utility companies fell by 0.5% in March, data from the Federal Reserve shows, including a 0.1% drop in manufacturing output.<\/p>\n Capital<\/strong> Economics<\/strong> told clients:<\/p>\n double quotation markThe 0.1% m\/m fall in manufacturing output was a touch weaker than the 0.1% gain that we and the consensus expected.<\/p>\n While growth in February was admittedly revised up to 0.4%, from 0.2%, that only offset a similar-sized downward revision to growth in January.<\/p>\n Most of the weakness in March stemmed from a 3.7% m\/m fall in motor vehicles & parts manufacturing, continuing its volatile run.<\/p>\n Share<\/p>\n Wall Street\u2019s main indexes have opened higher on Thursday on rising hopes that the worst of the Middle East conflict may have passed.<\/strong><\/p>\n The Dow<\/strong> Jones<\/strong> industrial<\/strong> average<\/strong> has gained 119 points, or 0.25%, to 48,582.84 points.<\/p>\n The S&P 500<\/strong> index, which hit a record high yesterday, is up 0.15%.<\/p>\n Share<\/p>\n A mega-refinery owned by Africa\u2019s richest person is becoming an increasingly important source of vital jet fuel supplies to Europe, helping fill a gap left by the impact of the Iran war while boosting profitability, Bloomberg are reporting.<\/strong><\/p>\n Here\u2019s the details:<\/p>\n double quotation markAliko Dangote\u2019s $20 billion plant in Nigeria reached full capacity just a couple of weeks before the conflict in the Middle East created a historic oil-supply disruption. Benefiting from local crude purchases that save cost, the upheaval in the market has given the billionaire a greater advantage amid deepening concerns about fuel shortages.<\/p>\n The 650,000 barrel-a-day facility, one of the world\u2019s biggest, has raised its jet fuel shipments to Europe to unprecedented levels with prices in the continent recently hitting the highest on record. It marks a major turnaround for Nigeria that for years bought fuel from Europe, and leaves Dangote with room to raise supplies further just as European refineries face the prospect of cutbacks because of expensive crude and a lack of Middle Eastern supply.<\/p>\n \u201cGiven that Europe is particularly reliant on jet barrels via the Strait of Hormuz, we could expect to see a larger portion of Dangote\u2019s jet exports heading towards Europe,\u201d said Qilin Tam, head of refining at FGE NexantECA, who estimates the plant can make as much as 150,000 barrels a day of the fuel at full tilt.<\/p>\n Share<\/p>\n Over in Washington DC, the IMF is warning that Africa\u2019s economic growth has been hit by the Iran war.<\/strong><\/p>\n Abebe Aemro Selassie<\/strong>, director of the IMF\u2019s<\/strong> African Department, is telling reporters:<\/p>\n double quotation markSub-Saharan Africa entered 2026 with the strongest economic momentum it had seen in a decade. And then came the war.<\/p>\n The good news is that in 2025, economic activity accelerated across nearly all country groups, with regional growth reaching 4.5%, the fastest pace in over a decade.<\/p>\n Selassie<\/strong> points to countries such as Ethiopia and Nigeria, who he says reaped the benefits of \u201cmacroeconomic reforms, exchange rate realignments, subsidy reductions, and strengthened monetary policy frameworks.\u201d<\/p>\n But now, the Fund has cut its growth forecast for 2026 to 4.3%,down from 4.6%.<\/p>\n Selassie<\/strong> says:<\/p>\n double quotation markThe war in the Middle East is a major new external shock. Oil, gas, and fertilizer prices have surged. Shipping costs have risen. Trade with Gulf partners has been disrupted. Tourism and remittances are being squeezed. Financial conditions have tightened, particularly for fuel-importing countries.<\/p>\n Share<\/p>\n The US jobs market appear to be holding up well in the face of the energy shock from the Middle East.<\/strong><\/p>\n The number of Americans filing new claims for unemployment benefit has fallen by 11,000 to 207,000 last week.<\/p>\n Share<\/p>\n Here\u2019s our news story on the IEA\u2019s warning that Europe is running low on jet fuel:<\/p>\n Share<\/p>\n The European Union is drafting plans to tackle \u200ba looming jet fuel supply crunch and maximise refinery output, officials have said.<\/strong><\/p>\n From next month, the European Commission will introduce EU-wide mapping of refining capacity for oil products and introduce measures \u201cto ensure that existing refining capacity is fully utilised and \u200bmaintained\u201d, a draft proposal seen by Reuters said.<\/p>\n Share<\/p>\n Thomas Pugh,<\/strong> chief economist at audit, tax and consulting firm RSM UK, <\/strong>says:<\/p>\n double quotation mark\u201cOil prices might have fallen back, but it\u2019s refined product prices that matter for business and inflation. Jet fuel prices are still above their 2022 peaks and diesel prices aren\u2019t far off.<\/p>\n \u201cThe last tanker of jet fuel to pass through the Strait of Hormuz docked in Europe on Saturday. The UK is importing more from the US, but not enough to fill the gap. With jet fuel prices close to record highs, it\u2019s not surprising we are seeing airlines increase fuel surcharges, as well as smaller airlines cancelling routes and it won\u2019t be long before larger ones follow suit, as they have in Asia. That\u2019s demand destruction in action.<\/p>\n <\/span>A chart showing jet fuel prices<\/span> Photograph: RSMShare<\/p>\n Jet fuel prices have already been rising sharply, hitting airlines\u2019 profitability.<\/strong><\/p>\n The budget airline easyJet warned this morning that the impact of the Iran war on bookings and oil prices will hit its profits, having driven up fuel costs by \u00a325m in the last month alone.<\/p>\n It said it expected to report an increased pre-tax loss of \u00a3540-\u00a3560m for the six months to March, up from \u00a3394m in the first half of 2024-25. The carrier typically makes its money in the second half of the year which includes the peak summer period.<\/p>\n The airline said it remained confident in its fuel supply. While it has hedged 70% of its needs for the rest of the financial year to September, it said that each $100 (\u00a374) movement in the spot price jet of fuel per metric tonne was adding \u00a340m in costs for its unhedged supply \u2013 and currently the price is about $800 higher than before the conflict started.<\/p>\n More here:<\/p>\n Share<\/p>\n The head of the International Energy Agency has warned that Europe has about six weeks of jet fuel left.<\/strong><\/p>\n In an interview with Associated<\/strong> Press<\/strong> published today, IEA executive director Fatih<\/strong> Birol<\/strong> warned that flight cancellations could begin \u201csoon\u201d if oil supplies remain blocked by the Iran war.<\/p>\n Birol<\/strong> said Europe has \u201cmaybe 6 weeks or so (of) jet fuel left,\u201d after the effective closure of the strait of Hormuz led to \u201cthe largest energy crisis we have ever faced.\u201d<\/p>\n He told AP<\/strong> that the impact will be \u201chigher petrol (gasoline) prices, higher gas prices, high electricity prices,\u201d adding that some parts of the world will be hit worse than others.<\/p>\n \u201cThe front line is the Asian countries\u201d that rely on energy from the Middle East, he said, naming Japan, Korea, India, China, Pakistan and Bangladesh, adding:<\/p>\n double quotation mark\u201cThen it will come to Europe and the Americas.\u201d<\/p>\n And if the strait of Hormuz isn\u2019t reopened, Birol<\/strong> said that for Europe:<\/p>\n double quotation mark\u201cI can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel.\u201d<\/p>\n The US is currently blockading Iranian ports, whiel Tehran has laid mines in the vital waterway to restrict traffic through the strait.<\/p>\n Yesterday, IMF chief Kristalina Georgieva warned that the disruption from the Middle East conflict would continue even after the war stops, explaining:<\/p>\n double quotation mark\u201cWe need to recognise disruptions are not going to evaporate overnight even if the war ends tomorrow. Why? Because a tanker is a slow-moving vessel. It would take 40 days to get all the way to Fiji.\u201d<\/p>\n Share<\/p>\n Updated at\u00a007.12 EDT<\/p>\n Ouch! Aluminium prices have hit a four-year high today, adding to the inflationary pressures on companies.<\/strong><\/p>\n Benchmark three-month aluminium on the London Metal Exchange rose as high as $3,672 a metric ton this morning, its highest level since March 24, 2022.<\/p>\n Reuters<\/em> reports that the global aluminium market is facing a supply deficit this year due to the Iran war.<\/p>\n One Gulf producer warned earlier this month that fully restoring production at one of its UAE smelters hit by an Iranian attack in late March could take up to a year.<\/p>\n The Middle East accounts for about 9% of global production of aluminium, and Chinese aluminium exports are expected to rise as buyers look for other sources of the metal.<\/p>\n Share<\/p>\n Over in the eurozone, inflation was faster than initially reported in March,as the Iran war drove up costs.<\/strong><\/p>\n Statistics body Eurostat has calculated that consumer prices rose by 2.6% in the year to March across the single currency block, up from an initial estimate of 2.5%.<\/p>\n It says:<\/p>\n double quotation markThe lowest annual rates were registered in Denmark<\/strong> (1.0%), Czechia<\/strong>, Cyprus<\/strong> and Sweden<\/strong> (all 1.5%). The highest annual rates were recorded in Romania<\/strong> (9.0%), Croatia<\/strong> (4.6%) and Lithuania<\/strong> (4.4%). Compared with February 2026, annual inflation fell in three Member States, remained stable in one and rose in twenty-three.<\/p>\n Energy prices were 5.1% higher than a year ago, while services inflation came in at 3.2%, and unprocessed food inflation was 4.2%.<\/p>\n Share<\/p>\n Today\u2019s GDP report suggsts the UK economy began to turn a corner after the Autumn Statement and before the latest developments in the Middle East, says Barret Kupelian, <\/strong>chief economist at PwC:<\/strong><\/p>\n double quotation markThe UK economy looked to be finding its feet, but geopolitics may yet kick the chair away. Output grew by 0.5% in the three months to February, with both production and services expanding together.<\/p>\n More importantly, this was growth powered by the private sector rather than the public sector-dominated parts of the economy that had propped up much of the post-2023 picture. That suggested the recovery was becoming broader and more durable.<\/p>\n But the question now is whether that recovery can withstand the fresh external shock from the Middle East.<\/p>\n Chris Beauchamp, <\/strong>chief market analyst uk at investing and trading platform IG<\/strong>, says Rachel Reeves and Kier Starmer need to be careful about doing a victory lap:<\/p>\n double quotation markA look back at last year shows that April 2025 was also good, but then things took a decidedly poor turn. Companies across the UK are warning about the outlook for earnings and consumer spending, and with energy costs hitting consumers hard, today\u2019s good news could turn to dust all too quickly.\u201d<\/p>\n Andrew Wishart, <\/strong>senior UK economist at Berenberg<\/strong>, warns that the Iran war will snuff out the UK\u2019s early 2026 momentum, adding:<\/p>\n double quotation markEven before the war, we doubted that the economy could enjoy a sustained acceleration. Flat employment, decelerating pay growth and a rising personal tax burden were set to reduce real household spending power.<\/p>\n Now we can add higher energy prices and mortgage interest rates to the list of headwinds. Businesses, meanwhile, face another input cost shock just as they were overcoming the last one (minimum wage and payroll tax hikes). Amid limited pricing power, the squeeze on profitability will probably weigh on output and employment as much as it generates cost-push inflation.<\/p>\n Pre-war, a slowdown in inflation to an acceptable pace should have provided a silver lining to our below-consensus 2026 growth forecast. The new energy price shock means the UK must now endure both weaker growth and higher inflation, postponing bank rate cuts but not derailing them.<\/p>\n Share<\/p>\n","protected":false},"excerpt":{"rendered":" Europe has ‘maybe 6 weeks of jet fuel left,’ energy agency head warns The head of the International Energy Agency has warned that Europe has about six weeks of jet fuel left. In an interview with Associated Press published today, IEA executive director Fatih Birol warned that flight cancellations could begin \u201csoon\u201d if oil supplies<\/p>\n","protected":false},"author":1,"featured_media":48398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[2239,303,611,896,660,894,1199,132,1060,969],"class_list":{"0":"post-48397","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-agency","9":"tag-business","10":"tag-energy","11":"tag-europe","12":"tag-fuel","13":"tag-jet","14":"tag-left","15":"tag-live","16":"tag-warns","17":"tag-weeks"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/48397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48397"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/48397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/48398"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}US industrial production fell in March<\/h2>\n
Huge Nigerian refinery ‘boosts jet oil supplies to Europe<\/h2>\n
Iran war is a “major new external shock” for Africa, IMF warns<\/h2>\n
US jobless claims fall<\/h2>\n
Europe has ‘maybe 6 weeks of jet fuel left,’ energy agency head warns<\/h2>\n
Aluminium hits four-year high on Middle East supply worries<\/h2>\n
Eurozone inflation revised up to 2.6% in March<\/h2>\n
UK GDP: More expert reaction<\/h2>\n