Mali's energy sector can be upended by soaring hydrocarbon prices amid fears of a major escalation in the Middle East, Malian Energy and Water Resources Minister Bintou Camara, told Sputnik Africa in an exclusive interview.
"These types of conflicts affect our economy and especially in the field of energy, both in Mali and in the rest of Africa," she said.
In Mali, the minister explained, almost all the factories currently operate on fuel.
Camara added that high prices have brought "a lot of activities to a standstill," from "small businesses" to agriculture. "When we don't have energy, it affects the population very much," especially young people.
She was echoed by Simon-Pierre Boussim, Burkina Faso's Minister of Energy. In a separate interview with Sputnik Africa, he said that the rise in hydrocarbon prices following the Israeli-Palestinian conflict threatens to affect the entire population of Africa.
He explained that Burkina Faso "uses a lot of hydrocarbons" in the production of electricity and risks facing the negative effects of rising prices.
The escalation in the Middle East has already caused the oil markets to react, with crude oil prices rising 4% to $87.7 per barrel on October 9. The Middle East is one of the world's major oil producing regions, and the recent escalation triggered by the Hamas attack on southern Israel could have a significant impact on prices.