Repsol to lift SAF output as Iran conflict tightens supplies

Spain’s Repsol is preparing to raise jet fuel output by 15–20% in response to mounting supply disruptions caused by the Iran war, which has unsettled global energy markets and tightened aviation fuel availability.

The company confirmed the plan as it posted a 57% rise in first‑quarter adjusted net profit to €873 million, supported by surging refining margins even as earnings fell slightly short of forecasts.

To safeguard feedstock availability, the company has allocated €1.2 billion to build crude inventories and will increase jet fuel production across its five Spanish refineries, aiming to reinforce supply resilience and capture stronger margins.

Repsol also expects its wider oil and gas production to reach 560,000–570,000 boe/d in 2026, with potential upside depending on developments in Venezuela, where new agreements are opening opportunities for increased output.

The company emphasised that although it has no assets in the Middle East, the Iran war’s impact on global shipping and crude flows continues to reverberate across the sector, prompting refiners to adjust output strategies to stabilise supply.