Spain signals support for EU jet fuel sharing as imports from US & Nigeria increase

The ongoing conflict involving the US, Israel and Iran — and Tehran’s response — has triggered a supply crunch, prompting European airlines to urge Brussels to introduce emergency measures as concerns mount over potential shortages. ALSO READ: Europe warns of looming jet fuel shortages amid Iran conflict.

The EU relies on the Gulf region for roughly 75% of its jet fuel imports, many of which have been disrupted by the effective closure of the Strait of Hormuz.

‘Spain has always demonstrated its commitment to solidarity and working together. We will see what the proposal entails and ‌we will participate actively,’ Aagesen said.

She added that a collective purchasing mechanism could strengthen buying power and help secure more competitive prices, describing it as an option the European Commission is likely to examine.

Aagesen noted that Spain is in a comparatively strong position to handle supply pressures thanks to its extensive refining capacity and diversified sourcing, with most supplies coming from the Americas and North Africa.

Output at some Spanish refineries has risen by as much as 60% above normal levels, enabling the country to head into the peak summer travel season with kerosene reserves close to full capacity.

Jet fuel prices surged to a record high last month and remain elevated at around $175 per barrel, nearly doubling since the outbreak of the conflict.

Meanwhile, Europe is expected to receive increased volumes of jet fuel from both the United States and Nigeria this week compared with the previous one, according to data from Kpler and LSEG.

US shipments are estimated at between 164,000 and 174,000 barrels per day so far in April, based on discharged cargoes and those still en route. This compares with between 149,000 and 200,000 bpd last week — levels that marked a record in datasets stretching back to 2015 for LSEG and 2017 for Kpler.

Imports from Nigeria have also reached unprecedented levels, averaging between 78,000 and 96,000 bpd so far this month. The increase underscores Nigeria’s expanding role in aviation fuel supply following the 2024 launch of the Dangote Refinery, Africa’s largest.

Despite these inflows, jet fuel inventories at the Amsterdam-Rotterdam-Antwerp (ARA) storage hub dropped to a four-year low last week, according to data on independently held stocks.

Willie Walsh, head of the International Air Transport Association (IATA), warned last week that flight cancellations across Europe could begin as early as late May if shortages persist, raising the risk of disruption during the busy summer travel period.