Payment for safe passage in the Strait of Hormuz is “extortion”… The global economy cannot tolerate more uncertainty

The Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, Dr. Sultan Ahmed Al Jaber, said in a blog post on his official account on the X platform that paying for safe passage in the Strait of Hormuz is “extortion.”

He pointed out that the passage of 50 days since the closure of the Strait of Hormuz led to the disruption of about 600 million barrels of oil, with mounting pressure on liquefied natural gas, jet fuel, fertilizers, and basic materials on which the world depends.

He explained that every missing barrel raises bills for ordinary people everywhere, pointing out that the global economy cannot tolerate more uncertainty.

He stressed that the Strait of Hormuz is a global waterway that must return to the world exactly as it was, and that it should not be used as a threat.