Head of UAE’s ADNOC says little room for maneuver in oil markets

DUBAI, Sept 22 : Abu Dhabi National Oil Co. CEO Sultan Al-Jaber said on Thursday there was little room to maneuver in oil markets that may face further disruption with minimal spare capacity.

Speaking at an event in New York, Jaber also warned that underinvestment in the current energy sector before alternative sources of supply were ready was a recipe for disaster, not progress.

“If people’s basic energy needs are not met, economic development slows down, and so does climate action,” Jaber said.