ADNOC CEO: Rise in oil price slows global economic growth

According to the CEO of UAE's state-owned energy giant ADNOC, on Monday, the?rise in?oil?prices has slowed economic?growth?everywhere.

In a video address to the CERAWeek conference attendees in Houston, ADNOC CEO Sultan Al Jaber stated that "Stability on energy markets is the foundation of security on every market."

He said that "energy?security" is more than a slogan. It's the difference between lights on and off. The U.S. and Israeli war against Iran has resulted in the 'effective shutdown' of a fifth of the worlds?oil & gas?supply which transits the Strait of Hormuz - a narrow passageway that runs off the southern coast of Iran. Iran has warned that it will fire at vessels that attempt to cross the Strait of Hormuz without permission. Since the beginning of the conflict, oil prices have been volatile, reaching as high as $119.50 a barrel on March 9 - the highest price since 2022. Brent crude was trading at around $100 per barrel on Monday.

Al Jaber stated that no country should be allowed?to hold the Strait of Hormuz as hostage, because the world's critical arterial must remain open. Al Jaber said that Iranian missiles and 'drones' have been targeting the UAE, an OPEC country, since a conflict started in late February.

(source: Reuters)