Federal Minister of Economics Katherina Reiche (CDU) goes despite of the Iran War does not assume that there are bottlenecks in the energy supply in Germany. “The supply of fuel and gas is secured,” said Reiche Focus. The minister said that German energy supply chains were diversified.
Germany is currently receiving almost no natural gas from the Gulf region. According to Reiche, less than eight percent of European LNG imports come from the Persian Gulf; according to the minister, the figure for oil is only around five percent. Sufficient quantities of kerosene and diesel are also available.
According to the federally owned Deutsche Energy Terminal Company (DET), the Iran war has not yet had any major impact on LNG throughput at German terminals. The majority of German LNG imports recently came from the USA. Most EU countries also purchase little gas from the Middle East.
Reiche holds out the prospect of aid for Asia
According to Reiche, Germany wants to release part of its reserves with international partners in order to curb shortages in the Asian region and thus also international crude oil prices. Many Asian countries are heavily dependent on energy imports from the Gulf region. Cambodia, in Southeast Asia, for example, relies entirely on imports for its fuel needs; gasoline and diesel prices have doubled in some cases.
Recently, however, Reiche had warned that there was also a risk of a slowdown in the economy in this country to the inflation rate of 2.7 percent in March to see clearly. The consequences for the German economy depended primarily on the duration of the conflict. Reiche announced that gas deliveries would continue through long-term contracts with as many partners as possible wanting to secure.
The price of oil has risen significantly due to the Iran war and the blockade of the Strait of Hormuz. This was particularly true in Germany on fuel prices noticeable. In response, the federal government launched a new price brake for gas stations, and would also other measures checked.