According to foreign media reports on the 21st, European countries facing aviation fuel shortages due to the US-Iraq war have significantly increased their imports of jet fuel from South Korea.
Data from commodity data analytics firm Kpler shows that since September, South Korea's jet fuel exports to Europe have averaged 129,000 barrels per day, the highest level in nearly four years since October 2022. Following the outbreak of the Middle East war, European jet fuel supply has dropped to about half of its previous levels, and European countries had already increased imports from Nigeria, the United States, and Canada.
Global energy consultancy Energy Aspects predicts that the European jet fuel supply deficit will reach an average of 510,000 barrels per day in the fourth quarter. During the same period, the United States is expected to experience a supply surplus of 18,000 barrels per day, and the Asia-Pacific region is expected to experience a surplus of 419,000 barrels per day.
Analysts say that the price difference between the European and Asian markets is driving South Korean refiners to expand exports to Europe. Meanwhile, Europe's own jet fuel inventories are falling to low levels.
