Europe’s importation of jet fuel from Nigeria and the United States rose sharply in April, data from Kpler and LSEG showed.
- +EU’s Jet Fuel Imports From Nigeria Surges In April
Europe formerly depended on the Gulf for nearly 75% of its jet fuel imports, or around 375,000 barrels per day (bpd),
Europe formerly depended on the Gulf for nearly 75% of its jet fuel imports, or around 375,000 barrels per day (bpd),
However, the Iran war has effectively closed off tanker traffic seeking to exit via the Strait of Hormuz.
U.S. supply looks set to reach between 149,000 and 200,000 bpd so far in April, based on vessels discharged and those still due, a record high according to data going as far back as 2015 on LSEG and 2017 on Kpler.
April imports from Nigeria were around 66,000 bpd so far, data from both sources showed. That is also the highest on record and highlights the country’s growing role as a swing supplier of aviation fuel since the launch of the Dangote refinery, Africa’s largest, in 2024.
European airlines have urged the European Union to step in with emergency measures, including widespread airspace closures, according to a document by Reuters.
U.S. exported an estimated 442,000 barrels of jet fuel, double the 219,000-barrel average seen last year, Energy Information Administration data showed.
Nigeria was also exporting at record levels, with 416,000 bpd of products exported so far this month.
While the U.S. is the top consumer of jet fuel, exports to regions worse off, such as Europe and Asia, were fetching better prices.
An EU requirement stating countries must maintain 90 days of emergency oil reserves does not stipulate levels for specific fuels.
Levels of jet fuel fell to their lowest since March 2023 last week at the Amsterdam-Rotterdam-Antwerp storage hub, data on independently held stocks showed.
The development comes as Nigerian airlines on Thursday threatened to suspend all flight operations from April 20 unless jet fuel prices were reduced, citing a nearly 270% jump since February. The Federal Government has since waded into the situation, promising to work towards reduced prices.
The IEA’s latest monthly report stated that if European markets were unable to secure more than 50% of the volumes lost from the Gulf, stocks would hit a crucial 23-day stockpile level in June, a level at which physical shortages would begin.
