ADNOC chief says Iran shipping disruptions amount to extortion

The head of the UAE’s national oil company said Iran’s disruption of shipping through the Strait of Hormuz amounts to extortion, as attacks and threats against vessels curb traffic through the key energy corridor.

“When Hormuz flows, energy moves and economies grow – when it is disrupted, everyone pays.” Dr. Sultan Al Jaber, Group CEO of ADNOC and the UAE’s Minister of Industry and Advanced Technology, said in a LinkedIn post.

Warning that the crisis risks undermining global energy markets, Al Jaber called for international cooperation “to protect the free flow of energy and safeguard economic stability.”

Meanwhile, Saudi Arabia’s oil exports fell by about 50% in March, dropping by roughly 3 million to 3.5 million barrels a day because of the blockade, Bloomberg reports.

The disruption has forced Saudi Aramco, the world’s biggest oil exporter, to rely on its East-West pipeline to move crude to Red Sea ports, which have capacity of roughly 5 million barrels a day, compared to normal export levels of about 7 million barrels a day.