Excellencies, colleagues, ladies and gentlemen, good morning. I was really hoping to be with you in person today. CERAWeek is always that moment where the global energy community comes together to take the pulse of where we are and where we're going. And this year, maybe more than any other, that really matters. First, I want to thank Dan for letting me join you through this video because it is essential that voices from our region are part of the conversation at this critical time. Dan, you have been a true friend to the UAE, to me personally and a champion of the industry. And to all my friends and colleagues in the audience today who have reached out with support over the past few weeks, thank you. It has meant a great deal and more than I can say.
Friends, it has been almost a month since my country, the United Arab Emirates, was hit by an attack that was illegal, erratic, unjustified, and completely unprovoked. We did not ask for this conflict. In fact, we took every possible step to prevent it. But when the moment came, we were ready. Our defenses have been tested. Our resilience has been tested. Our character has been tested. And we withstood. At ADNOC, we took hits that no civilian enterprise, let alone one focused on delivering energy to the world, should ever have to deal with. We are deploying extraordinary measures to keep our people safe and to make sure as much as possible every customer and every stakeholder gets what they need. And we will continue to defend our nation and our way of life. In fact, this experience has only reinforced our model of pragmatic progress, rooted in realism, not ideology, steady in its course, practical in its approach, and laser focused on results.
Colleagues, these past weeks have reminded us of the fundamentals. Stability in energy markets underpins stability in every market. Energy security is not just a slogan. It's the difference between lights on and lights off. And it rests on a simple truth. The world's critical arteries must remain open. The Strait of Hormuz is one of those arteries. 21 miles wide, 20 million barrels a day, nearly a fifth of the world's oil and gas, over a third of the world's fertilizer, almost a quarter of the world's petrochemicals, and significant amounts of industrial metals. In short, much of the oxygen of the global economy runs through a single throat. And yet there are those who believe that choking that throat is an acceptable strategy. When Hormuz is squeezed, the pressure is immediately felt around the world. In just 3 weeks, the price of oil has risen by 50%. This is raising the cost of living for those who can least afford it and slowing economic growth everywhere from factories to farms to families around the world. The human cost is mounting by the day. So let me be absolutely clear. Weaponizing the Strait of Hormuz is not an act of aggression against one nation. It is economic terrorism against every nation and no country should be allowed to hold Hormuz hostage. Not now, not ever. And while we all appreciate all efforts to stabilize markets and reduce prices, let us be clear, this is not a supply issue. It is a security issue and has only one durable answer. Keeping the strait open. We cannot trade our way out of this crisis.
Colleagues, in moments like this, one word rises above the rest. Resilience. Resilience is not a reaction. It is a result. It's built years before the crisis ever arrives through investment in infrastructure preparation, long-term planning and strategic partnerships. For the UAE, partnership is not just something we do. It is who we are. Our commitments are concrete. Our word is our currency. And when it really matters, we step up and we show up. That is why our relationships with all our partners including the United States endure. Through ADNOC, XRG and Masdar, we have already invested more than $85 billion in US energy assets, supporting power generation, advanced chemicals, and jobs across 19 states. The US offers a unique combination of resource depth and investment stability. We are actively exploring opportunities across the whole energy value chain and we are keen to expand our investments in hard infrastructure from storage to liquefaction to regasification plants and I want to thank Secretaries Burgum and Wright for their dedication, guidance, support and partnership.
Colleagues, ladies and gentlemen, this crisis has revealed two very different visions for the future. One seeks to promote prosperity and one seeks to spread instability. The UAE made its choice long ago. We built ADNOC into one of the most reliable energy companies on Earth. Not because disruption never reaches our borders, but because when it does, we stay the course. That's why we have diversified how we produce energy. We have expanded the routes that connect supply to markets. We have integrated all sources of energy at scale. And we have embedded technology and AI across our operations as the force multiplier that will define the next era of energy. And we have built a global network of partners who believe that energy security is a shared responsibility. Ladies and gentlemen, the events of recent weeks have drawn a clear line in the sand. We can choose to be an architect of stability or a spectator to volatility. And if you believe that collaboration should prevail over conflict, then your place is with us. Stability does not happen on its own. It must be built deliberately and collectively. That is why I invite you all to join us at ADIPEC this November. Not just for another conference, but for a working session on the resilience of the global energy system. Our doors are wide open. Our commitment is absolute because energy is not the end goal. It is the foundation for everything that comes next. Thank you.
