Study: Europe Facing Fuel Shortages If Strait of Hormuz Remains Blocked for Long

If shipping disruptions continue until the end of the year, EU reserves of these fuels will be significantly depleted, while prices for petroleum products will continue to rise, according to the bank. 

The most serious impacts under this scenario are expected for aviation, logistics, tourism, and agriculture.

Analysts estimate that since the disruptions in the Strait of Hormuz began, global oil supplies have already fallen by 10.3 mln barrels per day, while supplies of petroleum products have dropped by 4.5 mln barrels. This is equivalent to approximately 14% of global oil demand. 

The bank also noted that some Asian countries are already experiencing fuel supply disruptions and flight cancellations due to kerosene shortages.