ADNOC CEO: Closing the Strait of Hormuz is Economic Threatening the Entire World

Sultan Al Jaber, Minister of Industry and Advanced Technology and CEO of ADNOC

Sultan Al Jaber: High Oil Prices Slow Economic Growth Everywhere

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC, affirmed that Iran's closure of the Strait of Hormuz constitutes economic that affecting all countries worldwide, with repercussions extending far beyond energy markets.

In his address at the opening of CERAWeek Energy Week in Houston, Texas, USA, Al Jaber stated that when the security of the Strait of Hormuz is threatened, costs increase daily for factories, farms, and families around the world.

Al Jaber emphasized that energy security is not merely a slogan but represents the difference between light and darkness, between the continuation of essential services and their cessation. He noted that recent weeks have underscored the critical need to keep the world's vital arteries open.

He said, "The Strait of Hormuz is one of those arteries. It's 21 miles wide, and 20 million barrels of oil pass through it daily—one-fifth of the world's daily oil and gas needs, more than a third of the world's fertilizer requirements, and up to a quarter of the world's petrochemical production, in addition to large quantities of minerals needed by industries. 

A significant portion of the essential materials for the global economy pass through this single vital artery. Yet, Iran believes that closing it is an acceptable strategy."

Al-Jaber added, "When the security of the Strait of Hormuz is threatened, this pressure immediately spreads throughout the world. Oil prices have risen by 50% in three weeks, increasing the cost of living for the most vulnerable, slowing economic growth everywhere, and driving up costs daily for factories, farms, and families worldwide."

Al Jaber continued: “Endangering the Strait of Hormuz is not an act of aggression against any one country, but rather economic terrorism against all nations. No country should be allowed to hold the Strait of Hormuz hostage, not now, not ever. 

While we appreciate all efforts aimed at stabilizing markets and reducing prices, this is not a supply problem, but a security problem with only one sustainable solution: keeping the Strait open. Freedom of navigation is a fundamental principle of international law and the United Nations Convention on the Law of the Sea. Iran’s actions affect people around the world, especially the most vulnerable.”

ADNOC Takes Extraordinary Measures

Al Jaber added: “At ADNOC, we have been subjected to attacks that no civilian institution should face, especially given our focus on providing energy resources to the world. We are implementing exceptional measures to ensure the safety of our personnel and are striving to provide energy resources to all our customers to the best of our ability.”