Merz Visits Middle East to Curb Germany’s Energy Dependence on the U.S.

Merz targets Middle East deals to reduce Germany’s U.S. energy dependence

Friedrich Merz is visiting Saudi Arabia, Qatar, and the UAE on a three-day trip to secure energy, trade, and defense deals as part of a push to reduce Germany’s dependence on the U.S. and China. Last year, 96% of Germany’s LNG imports came from the U.S., even though LNG is only about 10% of Germany’s total gas imports. That reliance is expected to grow, partly because the EU agreed to buy $750 billion in U.S. energy by 2028. The EU is even more dependent on U.S. LNG, accounting for 25% of gas imports, which are expected to rise to 40% by 2030.

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Further reading: Merz looks to Gulf ties to curb Germany’s reliance on the US

Oil rises as U.S.-Iran drone incident sparks geopolitical concerns

Oil prices rose 2% after the U.S. shot down an Iranian drone and Iranian gunboats approached a U.S.-flagged tanker in the Strait of Hormuz, raising fears that the de-escalation talks between the U.S. and Iran could be disrupted.

Oil prices had fallen more than 4% on Monday after President Trump said Iran was “seriously talking” with Washington. The resumption of U.S.-Iran nuclear talks this week is in question because Iran wants the talks to take place in Oman and be limited to nuclear issues, casting doubt on whether the meeting will go ahead.

U.S. crude inventories fell sharply, over 11 million barrels last week, supporting oil prices.

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Further reading: Oil prices climb 2% after US shoots down Iranian drone, worries about armed boats

Amazon commits to 110 MW of German offshore wind power with RWE deal

Amazon and German power producer RWE signed a long-term Power Purchase Agreement (PPA) for 110 megawatts (MW) of electricity from RWE’s Nordseecluster offshore wind project in the German North Sea. The deal builds on a Strategic Framework Agreement from June 2025. Under this deal RWE supports Amazon’s carbon-free energy goals, while Amazon provides cloud, AI, and data analytics support for RWE’s digital transformation. 

The Nordseecluster project has two phases. The first with a total capacity of 660 MW and the second with 900 MW. The former is expected to enter operation in early 2027, and the latter in 2029. The agreement is Amazon’s fourth large-scale offshore wind PPA in Germany. 

Once fully operational, the projects are expected to generate enough renewable electricity to power the equivalent of more than one million German homes annually. 

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Further reading: Amazon Signs Long-term Clean Energy Purchase Deal with RWE in Germany

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Chinese solar stocks surge after Elon Musk team visits local firms

Chinese solar stocks jumped significantly after reports that delegations sent by Elon Musk visited multiple solar companies in China. The CSI All Share Solar Power Equipment Index rose 6.8% by midday, and the CSI SH-HK-SZ Solar Power 50 Index climbed 5.6%. JinkoSolar’s shares jumped 20% to their daily limit, and Trina Solar’s shares rose 9% in afternoon trading. 

The visits came shortly after Elon Musk announced plans to build 100 gigawatts (GW) of solar cell production capacity in the U.S.. He said the U.S. could generate all its electricity from solar. 

The local media reports said the team visited firms involved in solar equipment, silicon wafers, battery modules, and perovskite technology. 

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Further readings: Chinese solar shares surge after reports of visits from Musk delegations

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