CERAWEEK-Rise in oil prices slowing global economic growth, says ADNOC CEO
By Stephanie Kelly
HOUSTON, March 23 (Reuters) - The rise in oil prices is slowing economic growth everywhere, the chief executive of UAE state-run energy giant ADNOC said on Monday.
"Stability in energy markets underpins security in every market," ADNOC CEO Sultan Al Jaber said in a video speech to attendees at the CERAWeek energy conference in Houston.
"Energy security is not just a slogan," he said. "It’s the difference between lights on and lights off."
The U.S.-Israeli war on Iran has led to the effective shutdown of a one-fifth of the world's oil and gas supply that transits the Strait of Hormuz, a narrow passageway off the southern coast of Iran. Iran has threatened to fire on vessels trying to sail through the strait without its permission. Oil prices have been volatile since the start of the conflict, rising to as much as $119.50 per barrel on March 9, the highest since 2022, though Brent crude on Monday was trading around $100 a barrel.
No country should be allowed to hold the Strait of Hormuz hostage because the world's critical arteries must remain open, Al Jaber said.
Iranian missiles and drones have targeted the UAE, an OPEC member, since the conflict began in late February, which Al Jaber called "illegal, erratic, unjustified and completely unprovoked."
