EMEA News
ADNOC CEO Calls for Unconditional Reopening of Strait of Hormuz
The CEO of UAE-based energy firm ADNOC has called for the Strait of Hormuz to be reopened “fully, unconditionally and without restriction,” warning that controlled access is disrupting global energy flows.
“So let’s be clear: the Strait of Hormuz is not open,” Sultan Al Jaber said in a LinkedIn post on Thursday.
“Access is being restricted, conditioned and controlled.”
Al Jaber said such actions undermine international law, adding, “Conditional passage is not passage. It is control by another name.”
He added around 230 oil-laden vessels are waiting to sail, as a widening gap between paper markets and physical supply becomes apparent.
“The immediate priority is clear: close that gap,” he said, pointing to the more than 20% of globally traded energy that moves through the Strait.
“Every day the Strait remains restricted, the consequences compound… supply is delayed, markets tighten, prices rise.”
ADNOC, he added, will continue moving cargoes “as long as the safety of our people is ensured,” while calling for full restoration of flows to stabilise global markets.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 795.50 | 70.00 | 1670.50 | 203.50 |
| Rotterdam | 671.00 | 73.50 | 1277.00 | 223.00 |
| Houston | 899.00 | 20.00 | 1304.50 | 155.50 |
| Fujairah | 779.50 | 66.50 | 1684.50 | 54.00 |
| EMEA Average | 970.50 | 61.50 | 1627.50 | 183.50 |
| Global 20 Ports Average | 919.00 | 53.00 | 1670.00 | 173.50 |
| Global 4 Ports Average | 786.00 | 58.00 | 1484.00 | 159.00 |
| Global Average Bunker Price | 1017.00 | 40.00 | 1757.50 | 102.50 |
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