Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, has called on the international community to open “the Strait unconditionally” with “no strings attached” in a post online on Thursday.
Dr Al Jaber confirmed suspicions that the Strait is “not open… access is being restricted, conditioned, and controlled.”
The ADNOC CEO emphasised the impact on energy markets of idle vessels either side of Hormuz. “A estimated 230 vessels sit loaded with oil… energy producers must be able to swiftly and safely restore production at scale.”
Al Jaber noted that cargoes leaving the Strait pre-war are now reaching their destinations, with the consequences of energy bottlenecks compounding across the energy supply chain, citing tight markets and price rises.
Oil rose on Thursday as trading opened, as hopes of a ceasefire linger, since Iran is tying the cessation of full hostilities and the opening of Hormuz to the evolving situation in Lebanon.
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