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President lashes out at allies for not supporting the war in Iran
By Magan Crane and Jack Wittels
United States President Donald Trump lashed out at allies for not supporting the U.S. war in Iran, arguing Washington will not fight for their interests as they struggle to get jet fuel with the Strait of Hormuz essentially blocked.
“You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore, just like you weren’t there for us,” he wrote in a social media post.
Trump specifically targeted France, writing in a separate post that the country had been “VERY UNHELPFUL” against Iran, a month after the U.S. and Israel began a widespread bombing campaign that has damaged Iran’s military infrastructure and killed several key leaders.
“The U.S.A. will REMEMBER!!!,” he wrote.
Trump told countries seeking the fuel to just “take it,” arguing the U.S. had already weakened Iran enough.
“All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused to get involved in the decapitation of Iran, I have a suggestion for you: Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just TAKE IT,” he wrote.
“The hard part is done,” he said. “Go get your own oil.”
While the Iran war has severely disrupted global energy supplies, the pressure on jet fuel is particularly intense. Total jet fuel demand amounted to 7.8 million barrels a day last year, including kerosene — the base product that’s also used for heating — according to figures from the International Energy Agency.
Now, the effective closure of the Strait of Hormuz means a significant proportion of global shipments are stuck in the Persian Gulf. At the same time, refineries in Asia have been forced to cut production as Middle East crude flows dwindle. A looming shortfall means some combination of fewer flights to rein in demand and tapping oil stockpiles to bolster supply, oil traders and analysts have said.
The U.S. is among the top suppliers of jet fuel, exporting about 80 million barrels last year. Yet that’s relatively small compared to the amount of jet fuel and kerosene that will be lost if the Strait of Hormuz remains closed — a figure consultancy FGE NexantECA recently pegged at about 37 million barrels in March and April alone.
A significant chunk U.S. jet fuel exports go to Canada and Mexico. The U.K. received just a small slice last year, totalling around 4.5 million barrels.
The U.S. has about 44.3 million barrels of kerosene-type jet fuel in stockpiles, slightly above average for this time of year. It amounts to about four weeks of supply, according to government data.
Europe is the main importer of jet fuel — including kerosene — from the Persian Gulf, with supplies from that region accounting for about half of European Union and U.K. imports, according to Vortexa data compiled by Bloomberg News.
With assistance from Devika Krishna Kumar.
Bloomberg.com
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