Ryanair CEO sees no Europe jet fuel shortage until 2027

Ryanair chief executive Michael O'Leary said he did not expect jet fuel shortages in Europe this winter or before summer 2027, unless there is an unforeseen event.

Speaking at a press conference by the A4E association of European airlines in Brussels, O'Leary said he saw no question over the availability of jet fuel in Europe this winter or into next summer.

He said jet fuel prices had risen more than oil prices since the start of the Iran war. According to O'Leary, jet fuel historically cost about 10 to 15 percent more than Brent crude, but is currently about 50 percent more expensive.

Ryanair said last month it would reduce its winter flight schedules because of higher fuel costs and lowered its full-year passenger target to 214 million from 216 million.

O'Leary said he did not expect the price gap to change for 12 to 18 months, citing attacks on refineries, tanker shortages and limited refinery capacity.