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Minister Fettah on Hormuz Threat
The Moroccan Ministry of Economy and Finance confirmed that the risks posed by the Strait of Hormuz are real, and that the government is continuously monitoring developments to assess their impact on prices and energy. After Brent crude oil prices dropped to around $70 following the ceasefire agreement in June, prices resumed climbing with renewed military operations, highlighting the market's sensitivity to on-the-ground developments. The ministry pointed out that rising energy prices increase the energy bill and affect economic balances, but Morocco is better equipped to absorb shocks thanks to the diversity of its economy and its financial reserves. The focus is on reducing dependence on imported energy and strengthening energy sovereignty through a transition to renewable energies. The statements indicate that complete control over geopolitical tensions and global oil prices is impossible, but their impact on the national economy can be mitigated by boosting domestic production and energy independence to ensure continued growth even in challenging times.
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