The government reveals the status of energy reserves and calls for market protection and purchasing power
The Ministry of Energy Transition and Sustainable Development has stated that Morocco is closely monitoring developments in the Middle East, amidst threats to the sovereignty of several Arab countries and the integrity of their territories, alongside impacts affecting several vital sectors.
The ministry’s statement explains that these developments have influenced various fields, including transportation, civil and military infrastructure, as well as digital infrastructure and data centers, in addition to the banking sector and the insurance industry, in a context that carries international implications given the interconnectedness of economic and financial systems globally.
The ministry confirmed that it is closely watching energy supply chains in light of regional and international developments, noting that available data indicates the global energy system has, in the short term, the capacity to absorb shocks and sharp price fluctuations, along with any potential effects on inflation levels, supported by mechanisms for international coordination among various energy sector stakeholders.
The same source added that relevant authorities are continuously and carefully monitoring the status of national energy reserves to ensure that national needs are secured under the best conditions, while keeping track of international developments and informing the public of any related updates based on available information.
The ministry urged all stakeholders to act responsibly and consider national interests, working to ensure market stability while avoiding any practices that could negatively impact the purchasing power of citizens or economic balances.
Conversely, global energy markets are experiencing noticeable turbulence as the war in the Middle East enters its sixth day without clear signs of a resolution, raising fears of a global energy crisis and rising inflation rates.
On Thursday morning, oil prices surged by more than 3%, continuing their upward trend amidst the expanding conflict in the region. By 07:22 GMT, Brent Crude had risen by approximately $2.44, or three percent, to reach $83.84 per barrel, while West Texas Intermediate recorded a similar increase to hit $77.10 per barrel.
This performance reflects the ongoing impact on energy markets from uncertainties linked to geopolitical developments in the Middle East, as investors await any indicators that could affect global supply dynamics in the coming period.
Natural gas prices in Europe also continued to rise significantly, with benchmark futures jumping by 13 percent after having declined the previous day, as markets evaluate a U.S. plan aimed at ensuring the safe passage of oil tankers through the Strait of Hormuz, a plan that still lacks clear details as traders continue to price in significant supply disruption risks globally.
