BP Lifts European Jet Fuel Output 30% as Iran War Locks Up Gulf Barrels
Updated
Updated · Bloomberg · Jul 7
BP Lifts European Jet Fuel Output 30% as Iran War Locks Up Gulf Barrels
2 articles · Updated · Bloomberg · Jul 7
Summary
BP raised jet fuel production at its European refineries by about 30% during the Iran conflict, helping the region avoid major shortages ahead of the summer travel peak.
Millions of barrels were effectively trapped in the Persian Gulf after war broke out in late February, stoking fears that weaker exports would leave Europe short of supply.
Jet fuel prices had surged to a record on those concerns, but higher local refinery output and extra imports from other suppliers prevented the expected crunch.
The episode shows how quickly European fuel markets can tighten when Gulf flows are disrupted, even as refiners and alternative suppliers cushion the shock.