
In response to the recent escalation of war in the Middle East, the Ministry of Economic Affairs stated that the energy response team continues to take inventory of oil and gas imports and shipping situations every day. Domestic oil and gas supply will be safe until the end of the year, and stocking has started in the first quarter of next year.
AI-generated summary
Conflicts in the Middle East have led to a decline in shipping traffic in the straits surrounding the United States, Iran, Saudi Arabia and the Yemeni Houthis.
The Ministry of Economic Affairs stated that domestic oil and gas supply will be safe until the end of the year and has started stockpiling in the first quarter of next year.
The situation in the Middle East has continued to heat up recently. The Ministry of Economic Affairs stated on the 15th that the energy response team continues to take stock of my country's oil and gas imports and shipping conditions every day, and has a firm grasp of my country's oil and gas safety stocks, making every effort to ensure a stable supply of domestic energy. At present, my country's oil and gas supply is safe until the end of the year, and the oil and gas procurement plan for the first quarter of next year has also been laid out in advance.
In view of the recent escalation of war in the Middle East, including conflicts between the United States and Iran, serious conflicts between Saudi Arabia and the Houthis in Yemen, and a significant decline in shipping volume across the two straits, the Energy Response Team of the Ministry of Economic Affairs is aware of changes in the situation in the Middle East. However, through my country's long-established strategy of diversifying and diversifying sources of oil and gas imports, procurement and dispatching from regions outside the Middle East has been possible. The Ministry of Economic Affairs also pays close attention to changes in import shipping schedules and voyage routes, and has prepared emergency backup plans to reduce transportation risks, effectively stabilize domestic oil and gas supply, and continue to strengthen the resilience of my country's energy supply.
The Ministry of Economic Affairs stated that my country has long been committed to improving energy independence and actively developing renewable energy such as wind power and photovoltaics, which will also help strengthen the resilience of my country's overall energy supply. In September this year, wind power and other renewable energy power generation increased significantly compared with the same period last year, which reduced the demand for imported power generation fuel, demonstrating the effectiveness of the government in actively expanding the construction of renewable energy and reducing energy import risks.
Since the outbreak of the Middle East war, my country's oil and gas safety stock has always been higher than the legal standard. The current national oil and gas stock is higher than the stock level of the same period last year. The Ministry of Economic Affairs stated that in order to stabilize domestic oil and gas prices and commodity prices, it will continue to implement special stabilization measures, and the prices of natural gas and barreled gas for domestic use will be frozen until the end of the year. It has also proposed an additional budget to strive to subsidize the oil and gas industry to absorb the price difference in order to stabilize commodity prices. The Ministry of Economic Affairs invites all walks of life to support the additional budget, and the government will continue to make every effort to stabilize prices and maintain order in the domestic market.
The Ministry of Economic Affairs emphasized that in the face of shipping risks in the Strait of Hormuz and the Red Sea, as well as the uncertainty of international oil and gas price trends, it will continue to pay close attention to the international situation, properly dispatch energy supply and stabilize domestic energy prices, and reduce the impact of international energy price fluctuations on people's livelihood and industries.
AI outlook — possibilities, not facts
Natural gas and bottled gas prices for domestic use freeze and rise until the end of the year
Very likely · Within months

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