Economy Minister Dr has moved to reassure
households and businesses that her Department is continuing to
closely monitor global oil and gas supply chains following recent
escalation of attacks in the Middle East.
At present, there is no confirmed disruption to local supply
chains, however the Minister explained her Department is
maintaining enhanced vigilance as global shipping routes and
energy markets react to rising tensions.
The Minister said: “My Department is monitoring supply
chains, gathering intelligence and coordinating with partners
across government. We continue to track developments daily and
will work with partners to understand and try to mitigate, where
possible, impacts for households and businesses.”
The Minister also highlighted the potential implications for
energy costs if volatility continues. “While wholesale gas
prices remain well below the peaks seen during the early stages
of the Russia-Ukraine war, as this situation evolves, it is
important to recognise that prolonged instability will place
further upward pressure on global gas prices. Should that occur,
there will be a need for additional support for households and
businesses already facing significant cost pressures. I have
made, and will continue to make, that case to the British
Government.
“These events underline the importance of reducing our reliance
on fossil fuels, and international gas markets, by increasing
domestic renewable generation and strengthening energy security.”
The Department will continue to work closely with industry, other
government departments and key supply chain partners to ensure
preparedness and protect economic resilience.
