27 Jun 2025 Issue: 68 / 26 By: James Marriott
The short conflict between Israel and Iran in the Gulf has highlighted Europe’s deep reliance on the region’s jet fuel exports. While a ceasefire has brought prices back from the stratosphere, Europe’s underlying dependence is only rising.
As the recent conflict between Israel and Iran raged, the world fixed its eyes on the Gulf. Missiles fired across the world’s most important oil producing region raised the specter of global economic shocks. While the fate of roughly 14mn b/d of crude and condensate exports from the region topped international markets’ concerns, the episode also highlighted the Gulf’s growing role as a supplier of refined products on which regions like Europe depend.
Gulf oil producers in recent years have built up their refining capacity with a string of new refineries and big-ticket upgrades (MEES, 30 May). Meanwhile, Europe has closed or scaled back much of its domestic refining capacity often in favor of specialist products like base oils and biofuels. To meet its diesel demand, it has turned away from Russia and towards the US, while the Gulf has emerged as the major supplier of jet fuel. (CONTINUED – 830 WORDS)
Read this article for free
Gain access to over 60-years of energy analysis and news
-
Delve into the details backed by data
-
Exclusive information from high-level officials
-
Assess future risks and opportunities
Subscribe Now or Login to get full access to this article
IN THIS ARTICLE
Charts
1: Europe Continues To Import Most Of Its Jet Fuel From The Middle East So Far This Year* (%)
2: Jet Fuel To Experience 1mn b/d Demand Growth By 2030 (mn b/d)
3: European* Refining Capacity Continues Its Long Decline As Middle East Capacity Climbs (mn b/d)
REFERENCED MEES ARTICLES
Get Our Headlines Weekly
Keep abreast with current events with our weekly headlines.
You’ll also be notified of our free articles & maps.
By signing up, you agree to receive promotional emails. You can unsubscribe at any time. For more information, read our privacy statement.