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Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, has called for the Strait of Hormuz to be opened with “no strings attached”.
Despite this week's ceasefire announcement, which includes the reopening of the critical shipping chokepoint, “access is being restricted, conditioned and controlled”, Dr Al Jaber wrote in a post on LinkedIn.
“Iran has made clear – through both its statements and actions – that passage is subject to permission, conditions and political leverage. That is not freedom of navigation. That is coercion,” Dr Al Jaber said.
“The weaponisation of this vital waterway, in any form, cannot stand. This would set a dangerous precedent for the world – undermining the principle of freedom of navigation that underpins global trade and, ultimately, the stability of the global economy.”
Iran restricted passage through the narrow waterway, through which about 20 per cent of the world's oil and gas supply flows, after it was attacked by the US and Israel on February 28.
Traffic dropped by about 95 per cent, causing a surge in energy prices around the world and cutting supply to several markets. Asia, in particular, has been disrupted.
Dr Al Jaber said energy security and global economic stability “depend” on free and safe passage through the strait. No country has a “legitimate right to determine who may pass and under what terms”, he added.
Dr Al Jaber said the last shipments to pass through before the war are now reaching their destinations, but an estimated 230 vessels loaded with oil remain stuck in the Arabian Gulf.
“Energy producers must be able to swiftly and safely restore production at scale,” Dr Al Jaber said. “At Adnoc, we have loaded cargoes, and we will expand production within the constraints of the damage we have suffered.
“We have a responsibility to our customers and our partners to move them, as long as the safety of our people is ensured.”
In addition to oil and gas, the strait is also a vital conduit for key industrial commodities. The waterway accounts for the flow of 50 per cent of the world's sulphur and nearly 30 per cent each of urea and ammonia, which are all vital to the manufacturing of fertiliser.
The International Monetary Fund and the World Bank have warned of serious consequences for global economic growth due to the energy supply shock and the impact on markets.
Dr Al Jaber warned that every day Iranian restrictions remain in place “deepens the disruption” to the global economy. He said the strait must be opened “fully, unconditionally and without restriction” in line with international maritime law.
“Stability now depends on restoring real flows,” Dr Al Jaber said. “Not partial access, not temporary measures, not controlled passage, but full and reliable supply. That is how we slow the economic shock wave already moving through the system.”
