ADNOC Demands Unconditional Reopening of Strait of Hormuz

ADNOC's CEO, Sultan Al Jaber, has called for the Strait of Hormuz to be reopened without conditions after it was effectively closed following a recent conflict in the region. According to Reuters, the UAE oil output had been halved due to the closure.

Jaber emphasized that global economic stability depends on the unconditional reopening of the Strait, stating that energy producers must be able to swiftly and safely restore production at scale. He added that every day the Strait remains closed compounds the consequences, with supply delayed, markets tightening, and prices rising.

ADNOC has loaded oil cargoes and will expand output within the constraints of damage suffered. The company's revenues in March were little changed from a year prior as higher oil prices helped offset lower output, according to Reuters.