Europe seeks jet fuel in South Korea, facing a shortfall of 510,000 barrels per day

South Korea has emerged as one of these alternative suppliers in September. South Korean deliveries to Europe have reached around 129,000 barrels per day since the beginning of the month, according to Kpler data cited by Reuters. This marks the highest monthly volume since October 2022, while LSEG data shows a similar trend.

Europe has also turned to Nigeria, the United States, and Canada to offset the decline in Gulf arrivals. This diversification of suppliers is accelerating as European refined product markets remain under pressure.

Energy Aspects estimates that the European deficit is expected to reach 510,000 barrels per day in the fourth quarter. Meanwhile, the United States is projected to have a surplus of about 18,000 barrels per day, and the Asia-Pacific region a surplus of 419,000 barrels per day. This gap explains why traders are seeking additional volumes from Asia to supply the European market.

South Korea has the additional volumes available. Its jet fuel production reached nearly 13.89 million barrels in July, a seven-year high, while its exports peaked at their highest level in three and a half years. Government data cited by Reuters also shows that South Korean refineries processed 2.7 million barrels of crude per day in July, which is 16% more than in June.

The pressure on jet fuel is part of an oil market still weakened by the conflict in the Middle East and navigation restrictions in the Strait of Hormuz. In an analysis published on September 18, the International Energy Agency reported that observed global oil stocks have decreased by 507 million barrels since the onset of the war, and that member countries have already released more than 300 million barrels from emergency reserves.

The IEA had previously noted that the Middle East was the world’s leading source of jet fuel for international markets in 2025, with Europe being one of the regions most dependent on these flows. European, American, and Nigerian refineries have increased their production or exports since spring to mitigate some of the shortfall.

European diesel, another middle distillate, reached a record high this week, while the price gap with Asia makes fuel shipments to Europe more profitable. In the Amsterdam-Rotterdam-Antwerp hub, jet fuel stocks fell to their lowest level in seven years during the week ending September 10, according to data cited by Reuters.