Ryanair CEO Michael O’Leary Confirms European Airlines Have Sufficient Fuel for Summer

European airlines possess adequate fuel reserves for the upcoming summer season, according to Michael O’Leary, CEO of Ryanair. O’Leary acknowledged that approximately two months prior, his group had expressed significant concern regarding a potential shortage of jet fuel.

Europe has diversified its fuel sourcing, now acquiring supplies from West Africa, the Americas, and Norway. This strategic shift has reduced the continent’s reliance on the Strait of Hormuz, which had experienced disruptions. However, O’Leary cautioned that fuel prices have escalated, rising from approximately $70 (€60) per barrel before the Middle East conflict began in February to a peak of around $140 at one point.

Ryanair has proactively secured 80 percent of its fuel requirements through the end of March next year at an average price of about $67 per barrel. The airline will still need to cover the cost for the remaining 20 percent of its fuel needs.

Furthermore, O’Leary stated that Ryanair would cease any expansion plans at Dublin Airport if charges increase due to State company DAA’s €5.6 billion gateway expansion project. He criticized the plan as «a waste,» asserting that the airport could accommodate 45 million passengers annually by simply adding a new pier to Terminal 1 for an estimated €100 million.