Sultan Al Jaber warns world is 1 billion barrels of oil short because of Hormuz closure

Dubai: Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, said the world is facing a shortfall of one billion barrels of oil as a result of the closure of the Strait of Hormuz.

In a post published on X on Tuesday, Al Jaber warned that the continued disruption of navigation through the strategic waterway is driving up costs globally and placing mounting pressure on economies, industries and households.

“The world is already 1 billion barrels short because of the closure of Hormuz,” he wrote. “That is the arithmetic of extortion.”

He added that every day the Strait remains “held hostage”, costs continue to rise for families, farms, factories and economies around the world.

Al Jaber also called for the immediate restoration of freedom of navigation, stressing that it must happen “with no conditions and no delay.”