Envaalde Matheus
The energy ministry chief economist, Abednego Ekandjo says the country can maintain its oil supply despite rising global tensions in the Middle East.
Future Media Namibia reports that Ekandjo says while disruptions in the Middle East, such as a potential closure of the Strait of Hormuz, may push up oil prices and shipping costs, the country’s local supply remains secure.
Speaking to NewsOnOne telephonically on Tuesday, Ekandjo said Namibia can source petroleum from multiple countries, including India, China, and Europe, ensuring a diversified supply.
“Although the Middle East is an important source of petroleum products, the current tensions there, including the closure of the Strait of Hormuz, mean ships are unable to manoeuvre through that route. So while that area is affected, the global oil market remains highly diversified,” he said.
He said for now, in terms of security of supply, the ministry can still guarantee security of supplies.
Regarding regional cooperation, Ekandjo clarified that Angola cannot currently meet Namibia’s needs, as the country is still importing for its own consumption.
“We are aware of the reports about illegal fuel at the northern border, but at the moment Angola is not in a position to fully meet our needs as a country. Angola itself is importing its own fuel,” he said.
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