World faces deficit of 1 billion barrels of oil due to Hormuz closure, says Al Jaber

Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC and its group of companies, stated in a post on the "X" platform that the world is currently facing a deficit of one billion barrels of oil due to the closure of the Strait of Hormuz.

Al Jaber warned of the increasing economic repercussions of the continued disruption of navigation in the vital maritime passage. He explained that "one billion barrels are lost due to extortion," noting that costs are increasing daily for families, farms, factories, and economies around the world as the strait continues to be held hostage.

Freedom of navigation must be restored unconditionally and without delay, Al Jaber affirmed, referring to the importance of restoring the flow of energy supplies and stabilising global markets.

Al Jaber's statements come at a time when global energy markets continue to monitor geopolitical developments in the region and their impact on oil supplies and international trade.