Dr. Sultan Ahmed Al Jaber, the Minister of Industry and Advanced Technology and the CEO of ADNOC and its affiliated companies, emphasized the necessity of fully opening the Strait of Hormuz without any restrictions or conditions. He underscored that the current situation does not reflect freedom of navigation and constitutes a limitation of it.
In a post on LinkedIn, Al Jaber pointed out that the strait is currently experiencing imposed restrictions on traffic, which he considers a form of coercion that contradicts international laws, especially the United Nations Convention on the Law of the Sea, which guarantees the right to free passage for all.
He noted that the Strait of Hormuz is a vital natural corridor that cannot be monopolized or conditioned by any entity. Al Jaber highlighted that global energy security and economic stability are directly reliant on the uninterrupted flow of supplies through this crucial passage.
He mentioned that around 230 oil tankers are ready to set sail and require immediate freedom of movement. He warned that continued restrictions could exacerbate the situation, leading to delays in supplies, shrinking markets, and rising prices, with repercussions extending to various economic sectors globally.
Additionally, he stressed the particular importance of this route for Asia, which receives about 80% of the oil shipments passing through the strait, home to almost half of the world’s population. Hence, any disruption in supplies could have widespread effects.
Al Jaber added that global markets are currently at a critical juncture, with an extended gap of around 40 days in energy flows, necessitating urgent action to restore balance and reclaim over 20% of the world’s energy supplies that transit through this route.
He stated that every day the strait remains closed, the repercussions grow more severe. Delays in supplies, contracting markets, and rising prices affect not just energy markets but also economies, industries, and households worldwide. Each day is crucial, and every delay deepens the disruption. He reiterated that the UAE has reaffirmed its stance that Iran must be held accountable and responsible for the damages and compensations following severe and illegal attacks on civil and energy infrastructure in the UAE.
Moreover, he confirmed that ADNOC is prepared to resume production and expand shipments within safety limits, committing to its responsibilities toward its customers and partners. He stressed that the top priority is to restore full and reliable flows, rather than settling for temporary or piecemeal solutions.