Portugal is “relatively protected from an energy supply crisis”, Environment and Energy Minister Maria da Graça Carvalho said this week, responding to warnings from the International Monetary Fund about the economic fallout from the conflict in the Middle East.
Speaking to journalists at the government headquarters at Campus XXI in Lisbon, the minister stressed that while Portugal remains exposed to rising global energy prices, it faces fewer risks in terms of physical supply shortages.
“Portugal is relatively protected from the crisis, not from the price crisis, because prices are global, but from supply disruptions,” she said.
Carvalho was speaking on the sidelines of the launch of the Deposit Return System for beverage packaging, under which consumers receive a 10-cent refund.
On Thursday, the International Monetary Fund warned that the consequences of the Middle East conflict pose a serious risk to the global economy, which it said is facing a “broad, global and asymmetric” supply shock.
The minister argued that Portugal’s energy package provides significant protection, noting that more than 80% of electricity production comes from renewable sources, reducing the influence of gas prices on electricity costs.
“More than 80% is renewable, which offers strong protection and creates a barrier so that gas only rarely determines electricity prices,” she said.
Regarding gas and oil supplies, Carvalho said Portugal relies on a diversified group of suppliers located outside the conflict zone, citing countries such as the United States, Brazil, Nigeria, and Algeria.
She added that the Iberian Peninsula benefits from multiple port entry points capable of receiving liquefied natural gas, increasing resilience to supply disruptions compared with other European countries. As an example, she noted that Italy had previously been heavily dependent on gas imports from Qatar. “We have reserves and we have a refinery that is operating well,” the minister added.
Asked about potential windfall taxes on energy companies, a proposal put forward by Portuguese Finance Minister Joaquim Miranda Sarmento together with counterparts from Germany, Spain, Italy and Austria, Carvalho said the government would await a decision at European Union level.
“This will be a measure decided at the European level, so we will wait for the European Union’s decision. We will also monitor developments in the international situation,” she said, noting that a European Council meeting is scheduled for 23rd–24th April.
On 28th February, the United States and Israel launched a military offensive against Iran, citing Tehran’s refusal to halt uranium enrichment linked to its nuclear programme, which Iran maintains is intended solely for civilian purposes.
In retaliation, Iran closed the Strait of Hormuz, a key maritime route for global oil markets, and carried out attacks against Israel, US military bases and infrastructure across several countries in the region, including Saudi Arabia, Bahrain, the United Arab Emirates, Qatar, Kuwait, Lebanon, Jordan, Oman and Iraq. The escalation has driven up global oil and commodity prices.
Source: LUSA
