KLM cancels 160 flights due to fuel shortage
4 hours ago
- #IMF
- #Global Economy
- #Energy Crisis
- The IMF warns the global economy faces a large shock due to a conflict blocking 20% of oil and gas in the Strait of Hormuz, impacting everyone, especially low-income countries.
- IMF chief advises against 'generous' subsidies for energy to avoid increasing demand and worsening the crisis, urging policies that shrink demand instead.
- France's central bank chief notes inflation is lower than in 2022 but stresses central banks will act to prevent second-round inflation effects, though not hastily.
- Saudi Arabia's finance minister warns that even with a ceasefire, recovery in energy markets will take weeks or months due to operational and insurance delays.
- KLM cancels 160 European flights due to rising fuel costs, while oil prices rise amid US threats to Iran's energy infrastructure.
- A Nigerian mega-refinery boosts jet fuel supplies to Europe, helping offset shortages caused by the conflict and benefiting from local crude purchases.
- Economic impacts include reduced growth forecasts for Greece due to high energy prices and a drop in US industrial output, signaling broader economic strain.