Houston, USA – His Excellency Sultan Ahmed Al Jaber affirmed that any attempt to close the Strait of Hormuz constitutes “economic terrorism” targeting all nations.
He also emphasized that the repercussions extend beyond the energy sector to affect the entire global economy.
This came during his speech at the opening of CERAWeek in Houston.
The Strait of Hormuz is a vital artery for the world.
Al-Jaber explained that the strait is one of the most important arteries of the global economy,
with approximately 20 million barrels of oil passing through it daily.
This is equivalent to one-fifth of the world’s oil and gas needs.
Large quantities of fertilizers, petrochemicals, and minerals also pass through it.
He emphasized that any threat to its security would immediately lead to higher prices and increased living costs globally.
He also noted that oil prices had risen by about 50% in recent weeks as a result of the tensions.
Energy security is a shared responsibility
He emphasized that energy security is not an option but a necessity.
He affirmed that freedom of navigation is a fundamental principle of international law,
and no party may threaten it.
He noted that the UAE has worked to enhance its preparedness
through long-term investment in infrastructure and the building of strategic partnerships.
This has enabled it to deal with challenges with high efficiency and maintain the continuity of supplies.
Emirati readiness and continued supplies
Al Jaber affirmed that ADNOC continued its operations despite the challenges, taking exceptional measures
to ensure the safety of its workforce and the uninterrupted supply of energy to markets.
He also noted that Emirati investments exceeding $85 billion in the US energy sector strengthen international cooperation in this field.
Al Jaber called on global energy leaders to enhance joint efforts to ensure market stability.
He emphasized that the current phase requires concerted international efforts to maintain energy security
and prevent any threat to the arteries of the global economy.
