UPDATE 2-Sweden issues "early warning" of potential jet fuel shortage

Sweden has given notice of a potential shortage ‌of jet fuel stemming from the war in the Middle East, Energy Minister Ebba Busch said on Tuesday. A two-month war in the Middle East has shut the Strait of Hormuz and cut the global oil supply by 20% in the world's biggest-ever ‌supply disruption, pushing up crude prices to well over $100 a barrel. The Swedish government said that there was currently a ‌good supply of jet fuel in the country but there could be a shortage further ahead. "We want to issue a warning well in advance that there is a risk that there will not be enough jet fuel," Busch told a press conference, without saying when problems could arise. "In Sweden ⁠and ​in the Nordic region we ⁠have considerable refinery capacity which uses North Sea oil. Even if competition and with it prices have risen, supply hasn't been affected noticeably yet."

TRY TO PLAN ⁠TRIPS FLEXIBLY Busch said Swedes should keep track of developments and try to be flexible in their travel plans.

"Don't book trips where you ​have to come home at a specific time. It's good to think that you might need a bit ⁠of a margin," she said, emphasising this was not a recommendation not to book travel. Sweden could in a worst-case scenario face rationing of aviation fuel, but ⁠the ​situation going forward depends to a great degree on how the market adapts, Energy Agency Director General Caroline Asserup told the press conference. The government, however, said that there was no indication that Sweden faced a shortage of petrol ⁠or diesel.

With no end to the Middle East conflict in sight, economies around the world are gearing up for the ⁠long-term consequences, including higher inflation and ⁠slower growth. Prime Minister Ulf Kristersson told the press conference Sweden was less affected than many other nations thanks to its fossil-fuel-free electricity generation. The government has nevertheless warned that the economy ‌will be significantly impacted.

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