UAE Energy Minister Warns OPEC Cannot Replenish Oil Supply Gap If Strait of Hormuz Reopens
Suhail Al Mazrouei says energy market will face significant supply shortage during transition period
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UAE Energy Minister Suhail Al Mazrouei warned that OPEC member countries will be unable to replenish oil supply deficits once the Strait of Hormuz reopens, citing production capacity reductions during the strait's closure and uncertainty over future stability.
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RABAT, April 29. /TASS/. The United Arab Emirates and OPEC member-countries will be unable to replenish the oil shortage occurred in the global market after restoration of free navigation in the Strait of Hormuz, UAE Energy Minister Suhail Al Mazrouei said. "The UAE and OPEC countries will not be able to replenish the deficit of oil supplies after Hormuz Strait opening," the minister said, cited by Sky News Arabia television. "Energy market will face a significant shortage of supply" during that period," the minister said. "Closing of the Strait of Hormuz lowered production capacities of many countries" and "nobody can guarantee the strait will always be open and will not be blocked again," he added.
