Weaponizing Hormuz is Economic Terrorism

23 Mar Weaponizing Hormuz is Economic Terrorism

(Oilandgaspress) -His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, Chairman of Masdar and Executive Chairman of XRG, said today weaponizing the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets.

Speaking at CERAWeek, taking place in Houston, Texas, Dr. Al Jaber said when the Strait of Hormuz is threatened, the human cost is exponential, and the consequences reach factories, farms and families around the world.

Dr. Al Jaber stated that “energy security is not just a slogan, it’s the difference between lights on and lights off.” He stressed that the world’s critical arteries must remain open and the Strait of Hormuz is one of those arteries.

“Twenty-one miles wide. Twenty million barrels a day. Nearly a fifth of the world’s oil and gas. Over a third of the world’s fertilizer. Almost a quarter of the world’s petrochemicals and significant amounts of industrial metals. In short, much of the oxygen of the global economy runs through a single throat. Yet, Iran believes that choking it is an acceptable strategy.

“When Hormuz is squeezed, the pressure is immediately felt around the world. In just three weeks, the price of oil has risen by 50 per cent. This is raising the cost of living for those who can least afford it and slowing economic growth everywhere. From factories, to farms, to families around the world, the human cost is mounting by the day.

“So let me be absolutely clear. Weaponizing the Strait of Hormuz is not an act of aggression against one nation. It is economic terrorism against every nation. And no country should be allowed to hold Hormuz hostage, not now, not ever. And while we appreciate all efforts to stabilize markets and reduce prices, this is not a supply issue. It is a security issue, and it has only one durable answer, keeping the Strait open. We cannot trade our way out of this crisis.

Dr. Al Jaber stressed the United Arab Emirates did not ask for conflict and had taken every possible step to prevent it. “But when the moment came, we were ready. Our defenses have been tested. Our resilience has been tested. Our character has been tested. And we withstood.

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