Spain would actively participate in a potential European Union plan to share jet fuel stocks and sees joint purchases as an option, its Energy Minister Sara Aagesen said on Monday, as data showed Europe will see higher inflows from the United States and Nigeria as it seeks to shore up supplies.
The U.S.-Israeli war with Iran and Tehran's retaliation have sparked a supply crisis, with European airlines calling on the EU to deploy emergency measures to address growing concerns over jet fuel shortages. The EU depends on the Gulf for nearly 75% of its jet fuel imports, which have been disrupted due to the Strait of Hormuz being effectively shut.
"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. A joint purchasing platform would help increase purchasing power and allow countries to offer more affordable prices, Aagesen said, adding that it was an option she expected the European Commission to consider.
Thanks to its fleet of refineries and supplies coming largely from the Americas and North Africa, Spain was better placed to weather a supply crisis than other European countries, she said. Spain's refiners have increased output by up to 60% from normal levels at some facilities, allowing the country to approach the busy summer season with kerosene stocks at maximum levels, she said.
Jet fuel prices hit a record high last month and remain elevated, hovering near $175 a barrel, having almost doubled since the war started. Europe is expected to see higher inflows of jet fuel from the United States and Nigeria this week compared to the previous week, data from Kpler and LSEG showed.
U.S. supply to Europe looks set to reach 164,000 to 174,000 barrels per day so far in April, based on vessels discharged and those still due. That compares to between 149,000 and 200,000 bpd expected last week, a record according to data going as far back as 2015 on LSEG and 2017 on Kpler. April imports from Nigeria were around 78,000 to 96,000 bpd so far, data from both sources showed. That is also the highest on record and highlights the country's growing role as a supplier of aviation fuel since the 2024 launch of the Dangote refinery, Africa's largest.
Levels of jet fuel inventories fell to their lowest in four years last week at the Amsterdam-Rotterdam-Antwerp storage hub, data on independently held stocks showed. Flights in Europe could start to be cancelled from the end of May due to a lack of jet fuel, International Air Transport Association Director General Willie Walsh said last week, highlighting the risk of disruption to the busy summer travel season.