Europe is expected to have enough jet fuel to meet demand through the final quarter of the year as shipments from Asia increase and seasonal aviation demand begins to decline, although smaller airports could remain vulnerable to local shortages.

Nearly 900,000 tonnes of jet fuel from Asia are scheduled to arrive in Europe in the coming months, according to trade intelligence company Kpler. The additional supplies should reduce the risk of widespread shortages, but prices are expected to remain elevated, said George Shaw, Kpler’s senior insight analyst for distillate markets.

“Jet fuel will likely be subject to higher prices, especially as it is deeply linked to the diesel market, which is becoming even tighter and experiencing record prices recently,” Shaw told Euronews.

The average European jet fuel price reached $207.56 (€176) a barrel last week, according to the International Air Transport Association’s fuel price monitor. The figure was the highest among the regions tracked and 27.8% above the previous month’s European average.

The assessment reflects regional refinery prices and does not necessarily represent what individual airlines pay. Jet fuel prices have risen alongside crude oil costs and wider refinery margins, which measure the difference between the price of crude and refined products.

Europe has been particularly exposed to supply disruption because it previously relied heavily on jet fuel from the Middle East. Since disruptions affected production and shipping routes, suppliers have increasingly turned to South Korea, Nigeria and the United States.

Kpler estimated European jet fuel imports at about 672,000 barrels per day in September, including movements between European markets. South Korea, Nigeria and the US accounted for around 60% of the total.

Between July and September, about 1.31 million tonnes of jet fuel moved from Asia-Pacific to Europe, with South Korea supplying almost 87%. Another 900,000 tonnes from South Korea and elsewhere in Asia are scheduled to arrive in the coming months.

Shaw said European aviation demand normally falls significantly from November, meaning the fourth quarter should be less constrained than earlier periods.

However, supply risks remain at smaller airports. Kpler identified the UK and France as particularly vulnerable because of their high consumption and reliance on imports. The UK received about 177,000 barrels per day in September, while France received around 73,000 barrels per day.

Cirium said smaller airports could face shortages first if deliveries are disrupted because they often have fewer suppliers, less storage capacity and fewer alternative transport routes.

Brindisi airport in Italy experienced such difficulties on April 6, when normal aircraft refuelling was restricted after a local supplier failed to meet agreed deliveries. Six other Italian airports also rationed fuel that week.

Europe has so far avoided a widespread shortage by increasing refinery output, securing additional cargoes from the US and Nigeria and drawing on stored supplies.

Mike Malik, chief industry officer at Cirium, warned that these measures cannot be repeated indefinitely because refineries have limits and lower inventories leave less protection against another disruption.

The International Energy Agency expects Middle Eastern oil supply disruptions to continue affecting markets, with a full recovery in regional supplies potentially delayed until 2027.

For European airlines, the immediate concern is likely to be higher operating costs rather than widespread fuel shortages. How much of those costs reach passengers will depend partly on fuel prices and the extent to which airlines secured supplies in advance.

A lack of transparency over property ownership is making it difficult to determine how much housing is controlled by large landlords in Spain, even as major investors continue to make significant purchases across the country.

Public data does not provide a complete picture of residential properties owned by companies or individuals with more than 10 homes or 1,500 square metres of residential space. Although the national cadastre holds ownership records, the information is anonymised, limiting efforts to identify the largest landlords and track changes in their portfolios.

Rental-market data can sometimes be obtained through transparency requests to Spain’s autonomous communities, which oversee tenant deposit records. However, such information excludes owner-occupied and vacant properties as well as other categories of housing, making it difficult to establish the full scale of corporate ownership in real time.

Property transactions announced by companies during 2026 nevertheless show continued activity among major investors. The biggest deal so far involved Fidere, a group of listed real estate investment trusts focused on public and rental housing. Canadian investment group Brookfield bought Fidere from Blackstone in March for €1.05 billion, acquiring 47 buildings containing more than 5,000 rental homes.

In May, Azora agreed to acquire 1,200 rental homes in the Barcelona metropolitan area from Patrizia for more than €350 million. Patrizia had purchased the properties from BeCorp in 2022 for about €600 million.

Other deals involve homes that have yet to be completed. Barings is due to acquire 305 affordable homes from Aurora Homes in Madrid’s Los Cerros development for more than €70 million, with completion expected in 2029. It is also buying 188 homes in Valdebebas for more than €56 million from Grupo Ferrocarril.

Public authorities are also granting concessions on public land to private housing companies, sometimes for periods of 45 to 75 years. This is taking place while Spain’s social rental housing stock remains at just 1.72%, compared with an estimated European average of 8% to 9%.

Culmia, controlled by US investment firm Oaktree, has been involved in several such transactions. In 2025, it transferred a Madrid Plan Vive social housing portfolio to German asset manager DWS through a €255 million transaction. MEAG has also acquired a 50% stake from Culmia in a portfolio containing more than 1,700 homes across Madrid and Valencia.

At the same time, Spain’s wider housing market is showing signs of slower sales growth. Cushman & Wakefield reported a 3.51% annual decline in transactions through May 2026, to about 286,000. BBVA Research expects transactions to fall 7.3% this year before rising 0.6% in 2027.

Despite weaker sales, investment in rental housing has surged. Cushman & Wakefield recorded €2.934 billion in transactions involving large landlords and investment funds during the first half of 2026, a 376% increase from a year earlier.

The figures reflect different parts of the market, as a small number of large portfolio purchases can sharply increase investment volumes without indicating an equivalent rise in the number of individual home sales.

Housing has also become Spain’s leading public concern. According to the September CIS barometer, 37.5% of respondents identified housing as the country’s main problem, ahead of economic issues at 21.6% and immigration at 19.7%.

Oxfam France has called for a major reform of the country’s Dutreil tax pact, arguing that changes to the scheme could generate billions of euros for public finances by increasing taxation on the largest business inheritances.

The proposal comes as France begins preparations for its 2027 budget amid mounting pressure to reduce the deficit and contain rising public debt. In a report published on Tuesday, September 22, Oxfam identified large inheritances as a potential source of additional government revenue.

The Dutreil pact, introduced in 2003 under then Trade and Crafts Minister Renaud Dutreil, provides a 75% exemption from gift and inheritance taxes when eligible businesses are transferred to heirs. The scheme was designed to help families pass businesses to the next generation without being forced to sell them to meet tax liabilities.

Beneficiaries must meet conditions including retaining their shares for a specified period and maintaining certain business activities. France’s 2026 finance law tightened some of the rules by extending the required holding period and excluding certain assets that are not directly related to business operations.

Oxfam said transfers made under the Dutreil pact have represented almost €3 billion in annual tax expenditure on average over the past four years, with the figure reaching €5.5 billion in 2024, citing the French Court of Audit.

The organisation estimates that transferring the wealth of French billionaires aged over 70 through the scheme could result in more than €111 billion in lost public revenue over the next 30 years if current rules remain unchanged. Oxfam stressed that this is a projection and not an amount the government would automatically collect if the scheme were abolished.

The group argues that the tax benefit is particularly concentrated among the wealthiest recipients. According to its calculations, the 110 most advantaged beneficiaries, representing about 1% of recipients, saved an average of €30 million each in tax in 2024. Meanwhile, half of the least advantaged beneficiaries saved less than €40,000 on average.

Oxfam proposes limiting the Dutreil exemption to €1 million per beneficiary. It estimates that about 90% of current beneficiaries would remain unaffected by the proposed cap, while the state could raise more than €3 billion annually.

The debate is expected to form part of discussions surrounding France’s 2027 finance bill. Any reform would need to balance additional tax revenue against the original purpose of the Dutreil pact, which is to facilitate the transfer of family businesses.

Layla Abdelke Yakoub, Oxfam France’s Advocacy Manager for Tax Justice and Inequality, said Prime Minister Sébastien Lecornu had indicated that the government would not change the Dutreil pact.

Oxfam said it hoped the government would reconsider its position and called for the largest fortunes to make a greater contribution to France’s fiscal effort.