Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, has warned of the economic repercussions of the continued closure of the Strait of Hormuz, stressing that the global economy can no longer withstand further uncertainty.
In this context, Al Jaber explained, in a post published on the X platform, that approximately 600 million barrels of oil have been disrupted over 50 days of halted navigation through the strait, underscoring the scale of losses incurred by the global energy sector.
He added that the ongoing closure has intensified pressure on supplies of liquefied natural gas, jet fuel, and fertilizers, in addition to essential commodities on which the world depends, noting that these repercussions are directly reflected in consumer costs.
Al Jaber stated: “Every lost barrel raises bills for ordinary people everywhere,” pointing out that the continuation of this situation exacerbates global economic instability."
He further emphasized: “The strait must not be used as a tool of threat, and charging for safe passage is extortion,” stressing that the Strait of Hormuz is an international waterway and “must be returned to the world, as it has always been.”
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