Iran – Israel War Disrupts Global Fuel Supply; ‘ATF’ hit hardest; Look at the shocking numbers
- Massive impact on global energy supply
- 63 percent drop in oil exports
- Jet fuel took a big hit
Iran-Israel War Disrupts Global Fuel Supply : There are currently no signs of an end to the conflict in Iran. Due to this, the global energy supply is seen to be affected on a large scale. There has been a serious disruption in power supply. This situation is also being described as the biggest energy crisis in history. The main reason for this is the maritime traffic through the ‘Strait of Hormuz’. Due to the suspension of this traffic, the export of oil from West Asia has been drastically reduced. This has led to a worldwide shortage of petrol, diesel, naphtha, jet fuel, gas and fertilizers. This is going to have a huge impact on the economies of countries like India; Because India imports most of its oil requirements.
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63 percent drop in oil exports
In March, oil exports from West Asia fell by a whopping 63 percent. That was equivalent to a decline of 4.8 million barrels per day. Total exports came down to just 2.8 million barrels. This means that West Asia is currently exporting 2.8 million barrels of oil per day. Of this total, 69 percent of oil is being exported through Yanbu port; This port is located on the coast of the ‘Red Sea’ of Saudi Arabia. Saudi Arabia is transporting the oil to this port through a pipeline.
Jet fuel took a big hit
Jet fuel, particularly ‘Aviation Turbine Fuel’ or ATF, has been hit hardest by the disruption to maritime traffic in the Strait of Hormuz. The export of this fuel has decreased by 85 percent. Apart from Asia and Europe, West Asian countries also export ATF to various African countries. The shortage of ATF has led to the cancellation of several flights, particularly in the Asia-Pacific region. Moreover, ATF prices have increased significantly in many countries including India.
West Asian oil exports down 63% in March
Exports fell to 2.8 million barrels from 7.6 million barrels.
The largest decline was seen in jet fuel exports, which fell by 85 percent.
Exports of LPG and naphtha declined by 1 million barrels.
Exports of diesel, petrol and fuel oil declined by 60-70 percent.
Exports of LPG and naphtha also recorded a decline of 1 million barrels per day. Exports of diesel, petrol and fuel oil have also seen a decline of 60 to 70 percent. US President Donald Trump has given Iran 48 hours to open the ‘Strait of Hormuz’ and this deadline is fast approaching. Given the stance of both parties, it is likely that peace will prevail in West Asia. At present, this possibility looks dim.
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