No risk to oil flow: UAE Minister

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ABU DHABI: The UAE’s Minister of Energy and Industry, Suhail Al Mazroui, said he didn’t expect oil supplies to be disrupted through the Straits of Hormuz, calling the waterway vital to not just the UAE but to the world and Iran as well. The minister was making his remarks here on Wednesday morning at the Gulf Intelligence UAE Energy Forum, which was taking place just a few hours after news broke of Iran firing a volley of ballistic missiles at two US bases in Iraq. The Straits of Hormuz is not only important for us, it’s important for the whole world economy and it’s important to the whole supply chain and Iran understands that. If that supply is cut I can assure you that every country in the world will be impacted, whether you’re in the US, Canada or in Australia, everyone will be impacted. The world economy cannot sustain another $100 oil price and another huge spike, he added.

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