Published on 8/01/2020 11:24:37 AM | Source: Reuters

UAE energy minister sees no immediate risk to oil flow through Strait of Hormuz

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ABU DHABI - The energy minister of the United Arab Emirates said on Wednesday he saw no immediate risk to oil travelling through the Strait of Hormuz, a vital industry gateway, after Iran attacked bases housing U.S. forces in Iraq.

What is happening should not be exaggerated and the situation now is not a war, Suhail al-Mazrouei said on the sidelines of a conference in Abu Dhabi, the UAE capital.

Mazrouei added that OPEC was not discussing any steps at the moment, but would evaluate the situation if there was a shortage of oil supplies.

Earlier, he had said the oil market was currently well supplied.

(Reporting by Rania El Gamal; Writing by Maha El Dahan; Editing by Clarence Fernandez)