BP Lifted Jet Fuel Output by 30% During Iran Crisis
British energy major BP (BP) increased the output of jet fuel by around 30% at its European refineries during the Iran crisis in an effort to prevent a major shortages of the fuel when millions of barrels were trapped in the Persian Gulf, BP Senior Vice President Brenda Stout told Bloomberg in an interview. Spanish energy company Repsol raised its jet fuel output by almost 25%, while Shell (SHEL) in April disclosed that its Pernis refinery in Rotterdam was ramping up production of the fuel to its limit, the report added. The Iran war and the resulting energy supply crisis raised concerns of a sharp decline in jet fuel exports and severe shortages in Europe just before the peak summer demand. While jet fuel prices rose to record highs, a sharp increase in local output and rise in imports from other sources helped avert a crisis in the continent, the report said.
British energy major BP (BP) increased the output of jet fuel by around 30% at its European refineries during the Iran crisis in an effort to prevent a major shortages of the fuel when millions of barrels were trapped in the Persian Gulf, BP Senior Vice President Brenda Stout told Bloomberg in an interview.
Spanish energy company Repsol raised its jet fuel output by almost 25%, while Shell (SHEL) in April disclosed that its Pernis refinery in Rotterdam was ramping up production of the fuel to its limit, the report added.
The Iran war and the resulting energy supply crisis raised concerns of a sharp decline in jet fuel exports and severe shortages in Europe just before the peak summer demand.
While jet fuel prices rose to record highs, a sharp increase in local output and rise in imports from other sources helped avert a crisis in the continent, the report said.