UAE, OPEC unable to replenish oil shortage after Hormuz opening — minister

World April 29, 16:52

Suhail Al Mazrouei said that closing of the Strait of Hormuz lowered production capacities of many countries

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.

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