The UAE’s Minister of Energy Suhail al-Mazroui said on Wednesday that he does not expect or want a war in the Middle East.
The energy minister added that he was not worried about the energy supply that passes through the Strait of Hormuz being cut through Iranian tensions as it, “is not only important to us but it’s important for the world economy and Iran understands that.”
He added that, “Iran is a neighbor; we are very close to Iran … the last thing we want to see is more tensions in the Middle East.”
The energy minister’s comments came during the 10th Gulf Intelligence UAE Energy Forum 2020 held at NYU Abu Dhabi.
On the role that geopolitics play in effecting oil prices, the minister remarked that geopolitics have always played an important part but that in the “last few years geopolitics have played less of a role and market forces began to change forecasts.”
This dynamic is something that has changed with geopolitics taking a larger share of importance in changing market forecasts.