The ADNOC chief describes the ongoing disruption as “the arithmetic of extortion,” calling for an immediate and unconditional restoration of freedom of navigation.
DUBAI: The world is grappling with a massive shortfall of one billion barrels of oil due to the continued closure of the Strait of Hormuz, Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, warned on Tuesday. In a stark assessment of the global energy crisis, Al Jaber highlighted that the disruption of this vital maritime chokepoint is no longer just a regional security concern but a direct assault on the global economy.
As the conflict-induced blockade enters its third month, the impact has moved beyond energy markets, filtering down to the daily lives of billions through inflated costs for essential goods and services.
The ‘Arithmetic of Extortion’
Taking to social media platform X, Dr. Al Jaber delivered a blunt critique of the restrictions currently hindering navigation through the Strait. “The world is already 1 billion barrels short because of the closure of Hormuz,” he stated. “That is the arithmetic of extortion.”
The Minister emphasized that the “weaponization” of the waterway—which typically handles nearly 20% of global oil and liquefied natural gas (LNG) flows—is creating a compounded economic burden. He warned that as long as the Strait remains “held hostage,” the financial pressure will continue to mount for “families, farms, factories, and economies” across the globe.
Global Supply Chains Under Pressure
The closure, which began in late February following a sharp escalation in regional geopolitical tensions, has triggered what many analysts call the largest oil market shock in history. According to recent market data, global supply plummeted by over 10 million barrels per day at the height of the disruption in March, forcing refiners and nations to tap into emergency reserves.
While a temporary ceasefire was announced earlier in April, Al Jaber noted that access remains “restricted, conditioned, and controlled.” He reiterated that freedom of navigation is a fundamental principle of international trade that cannot be subject to political leverage.
Urgent Call for Unconditional Reopening
The UAE, a pivotal player in the global energy landscape, has been vocal about the need for collective international action to secure trade routes. Dr. Al Jaber’s latest statement is a firm demand for the immediate restoration of maritime passage.
“Freedom of navigation must happen with no conditions and no delay,” Al Jaber stressed. His comments reflect a growing urgency among Gulf producers and global consumers alike, as the “40-day gap” in energy flows is now fully exposing the disconnect between paper markets and the physical reality of empty tankers and stranded cargoes.
Conclusion
With over 800 commercial vessels reportedly stranded and global inventories dropping sharply, the pressure on the international community to resolve the Hormuz crisis has reached a breaking point. As Dr. Al Jaber concluded, the world simply cannot afford the precedent of critical trade routes being used as political bargaining chips.
