U.S. Jet Fuel Exports Hit Record High to Offset Middle Eastern Shortfalls

Deep News05-14

As global airlines strive to manage disruptions in shipping through the Strait of Hormuz, U.S. refiners are exporting jet fuel overseas at an unprecedented scale.

A report released by the U.S. Energy Information Administration (EIA) on Wednesday indicated that U.S. jet fuel exports surged to a record high of 455,000 barrels per day last week, surpassing the previous record set in early April.

Aviation fuel prices in Europe and Asia have risen sharply, as airlines and refineries in these regions heavily depend on stable shipments of oil and other energy products from the Persian Gulf. Compiled data shows that since the onset of the conflict, jet fuel prices in Singapore and the European Union have increased by 61% and 59%, respectively.

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