Dr. Sultan Al Jaber Keynote at CERAWeek

Excellencies, colleagues, ladies and gentlemen, good morning. I was hoping to join you in person at CERAWeek, but I'm glad to connect via video. First, I want to thank Dan for this opportunity, as it's essential for voices from our region to be heard at this critical time. Dan, you have been a true friend to the UAE and a champion of the industry. To all my friends and colleagues who have shown support, thank you. It has been almost a month since the UAE was hit by an illegal, erratic, and unprovoked attack. We did not ask for this conflict and took every step to prevent it, but we were ready and withstood it. At ADNOC, we faced impacts that no civilian energy enterprise should have to deal with, but we are deploying measures to keep our people safe and ensure supply to customers. This experience reinforces our model of pragmatic progress. These weeks remind us of fundamentals: stability in energy markets underpins all markets. Energy security is vital, and it relies on keeping critical arteries like the Strait of Hormuz open. This strait handles 20 million barrels per day, a fifth of global oil and gas, and more. Yet, some believe choking it is acceptable. Squeezing Hormuz immediately impacts the world; oil prices have risen 50% in three weeks, raising costs and slowing growth globally. Weaponizing the Strait of Hormuz is economic terrorism against every nation, and no country should hold it hostage. This is not a supply issue but a security issue, with only one durable answer: keeping the strait open. We cannot trade our way out of this crisis. Resilience is key—it is built through long-term investment and partnerships. For the UAE, partnership is core to who we are. Through ADNOC, XRG, and Masdar, we have invested over $85 billion in US energy assets, supporting jobs and infrastructure. We are keen to expand investments in hard infrastructure. This crisis reveals two visions: one promoting prosperity, one spreading instability. The UAE has chosen to build reliable energy systems and diversify production, expand routes, integrate energy sources, and embed technology and AI. We have built a global network of partners for shared energy security. The events draw a clear line: we can be architects of stability or spectators to volatility. If collaboration should prevail, join us. Stability must be built deliberately and collectively. I invite you to ADIPEC this November for a working session on resilience. Our doors are open, and our commitment is absolute because energy is the foundation for everything. Thank you.