Austrian Minister Warns of Fuel Shortages in Europe
Europe is expected to face a decline in fuel supplies in the coming weeks due to the conflict in the Middle East, Austrian Economy Minister Wolfgang Hattmannsdorfer said during a visit to India.
He warned that the impact of recent developments would be felt with a delay. Military strikes on Iran by Israel and the United States, followed by Tehran’s move to restrict shipping in the Strait of Hormuz, have pushed up oil prices and prompted Western governments to seek ways to limit the effect on consumers.
Hattmannsdorfer said diesel supplies could fall by around five per cent as early as May, while aviation fuel may decline by about 15 per cent, adding that this would likely be reflected in prices. He noted that the impact would vary across the region.
Vienna Airport remains well supplied, he said, as most fuel is sourced from the Schwechat refinery. He therefore expects a more pronounced impact elsewhere in Europe.
He added that Austria is prepared for a potential emergency. The country has not yet released oil from its strategic reserves, although it has agreed to do so under the framework of the International Energy Agency (IEA).