(8 Jan 2020) The energy minister of the United Arab Emirates said Wednesday he sees no immediate shortages in oil supply. Suhail Al-Mazrouei said even in past times of war, the flow of oil has been maintained.
"So let's not exaggerate what's happening. There is no risk that we have seen to the Strait of Hormuz or the movement of oil yet," Al-Mazrouei said, referring to the narrow waterway between the Arabian Peninsula and Iran, which 20% of the world's oil passes through.
He spoke reporters in Abu Dhabi at the Gulf Intelligence's UAE Energy Forum.
This new round of tensions has pushed oil prices up, with Brent crude trading around $70 (USD) a barrel.
Al-Mazrouei said there is no risk at the moment to the movement of oil in the region or any shortages in oil supply.
He said he hopes a war does not breakout, but he noted that Soleimani's killing was "definitely an escalation."
"Iran is a neighbour. We are very close to Iran and the last thing we want is another tension in the Middle East," the minister said.
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