ECONOMY Minister Dr Caoimhe Archibald 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 Sinn Fein woman said the Department will continue to work closely with industry, other government departments and key supply chain partners to ensure preparedness and protect economic resilience.
