**No Fuel Shortage in Cyprus Despite Ongoing Regional Crisis**
Transport Minister Alexis Vafeades has reassured the public that Cyprus is not facing a fuel shortage, despite the ongoing conflict in the Persian Gulf, which has significantly impacted global oil transit routes. The Strait of Hormuz, a critical passage for approximately 20% of the world’s oil, has been effectively blocked since hostilities began in late February.
In an interview with Stockwatch, Vafeades emphasized that the European Commission has been closely monitoring the fuel situation since March and is prepared to address any potential issues. He noted that Europe has access to strategic reserves, which can be utilized if necessary. "Without being alarmist, we should be very careful and constantly monitor developments," he added.
Further clarifying his comments, Vafeades indicated that his reassurances primarily pertain to jet fuel. He pointed out that the strategic oil reserves are managed by the Organisation for Storage and Management of Oil Stocks (Kodap), which operates under the supervision of the Ministry of Energy. According to Vafeades, Cyprus currently has no issues with fuel stocks, whether they are strategic reserves or commercial supplies. He also mentioned that there have been no releases of strategic reserves into the market since the outbreak of the conflict.
Dinos Lefkaritis, CEO of Petrolina, echoed the minister's sentiments, stating that the company is adequately supplied for the time being. "We’re covered," he said, adding that fuel deliveries occur weekly without any issues. However, he acknowledged the uncertainty of future developments, remarking, "However, we don’t know what comes up tomorrow morning."
Data from Eurostat supports the minister's assertions, indicating that Cyprus has maintained a stable supply of strategic oil stocks. As of May, the island had 91 days' equivalent of strategic oil reserves, slightly above the normal requirement of 90 days. The total amount of strategic oil reserves was reported at 546,000 metric tonnes, while commercial stocks held by economic operators amounted to 72,000 metric tonnes.
While no EU country has reported fuel stock data for June yet, there is a noted delay in data reporting, as several countries, including Germany, Denmark, Greece, Spain, France, and Italy, did not provide information for May either. An industry source expressed concern over this lack of reporting, describing it as "a bit suspect."
The calculation of the mandatory 90 days for strategic oil reserves is based on consumption patterns from the previous year. The majority of Cyprus's reserves are physically stored within the country, with a smaller portion held abroad. These strategic reserves include both physical stocks and ‘tickets’—a form of paper stock.
Cyprus's fuel imports primarily come from two refineries: one located in Haifa, Israel, and another in Aspropyrgos, Greece. The ongoing regional tensions have raised concerns about the stability of these supply lines, but current reports indicate that Cyprus is managing to maintain its fuel supply without disruption.
As the situation in the Persian Gulf continues to evolve, both government officials and industry leaders remain vigilant, ensuring that Cyprus is prepared to respond to any changes that may affect fuel availability in the future.