No risk of oil and gas shortages in Germany, economy minister says

Germany's oil and gas supplies are not at risk despite the escalating conflict in the Middle East, Economy Minister Katherina Reiche said on Wednesday.

Speaking at a trade fair in Munich, Reiche said the government does not "foresee any oil shortages" or "physical shortages in the gas market."

Global markets have suffered significant losses in recent days following the US-Israeli attack on Iran on Saturday, which has sparked a wider regional conflict in the Middle East.

Oil and gas prices have surged after Tehran restricted shipping through the Strait of Hormuz, a key chokepoint for global energy trade.

Around one-fifth of the world's daily oil shipments pass through the strait between Iran and Oman.

Effects of the crisis are already being felt at the pump in Germany, with the price of diesel in Germany passing €2 ($2.32), the ADAC automobile association said on Wednesday.

But Reiche said that Germany's gas storage levels are higher than a year ago, attributing the price surges to market reactions, not shortages.

"We are coming to the end of winter and will also get through these last few weeks of winter just fine," Reiche said. 

A price cap for diesel and petrol is "not on the agenda," she added. Nevertheless, the situation remains volatile, she warned.

"We have to see how long the hostilities continue and then respond with the crisis mechanisms that we naturally have in our portfolio and can draw on," Reiche said. "However, there is no reason to do so at present."

The minister did not want to speculate on what kind of crisis measures could be employed.

"Discussing mechanisms that we could legally deploy at this point is not helpful," she said. "My message to you is: they exist."

However, she did confirm that the government has reactivated a task force that was in place in the summer of 2025 during the temporary closure of the Strait of Hormuz.