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80 countries took emergency measures in 80 days to support economies due to conflict: Al Jaber
UAE minister and Adnoc chief Sultan Al Jaber says the UAE exited Opec to gain greater flexibility to invest, grow, expand, partner, and create long-term value
- PUBLISHED: Thu 21 May 2026, 9:00 AM
As many as 80 countries have taken emergency measures to support their economies within 80 days due to the closure of the Strait of Hormuz and rising oil prices following the Middle East conflict, said Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of Adnoc.
Several countries have increased fuel prices multiple times over the past two months as Brent crude has surged more than 40 per cent following the Middle East conflict. As a result, inflation has risen sharply across many economies, particularly in oil-importing nations.
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Brent was trading at nearly $106 a barrel on Thursday morning, up 0.7 per cent.
Al Jaber added that Adnoc is working with its partners to expand and replenish strategic storage facilities to strengthen resilience against future shocks, according to Sultan Ahmed Al Jaber.
“We are also working with our partners, particularly in Asia, to expand and restock strategic storage to strengthen resilience against future shocks. We continue to adapt our commercial strategy to ensure our products remain highly competitive, reliable, and attractive to customers around the world,” he added during an interview with the Atlantic Council.
Some of Adnoc’s facilities were impacted during the Iranian attacks, but Al Jaber said this was the type of scenario the company’s systems were designed and tested to withstand.
“We kept supplies flowing and worked closely with our partners and customers, shipment by shipment, to meet demand wherever possible. We redirected volumes through the East Coast and used our global trading network to secure additional supplies for our customers across Asia,” he added.
The Adnoc chief said that even in the challenging environment, all Adnoc group companies delivered strong returns, with many outperforming market expectations and analysts’ forecasts, reflecting the resilience and robustness of the business.
Why UAE exited Opec
Commenting on the UAE’s decision to exit Opec, Sultan Ahmed Al Jaber said it was a sovereign strategic decision made with clarity, conviction and full confidence.
“We want greater flexibility to invest, grow, expand, partner, and create long-term value because, ultimately, real strength is not measured by the abundance of resources, but by how they are harnessed to serve the nation.
“It is about how those resources are used to build industries, create opportunities, and safeguard the economy for future generations. We are moving toward a world that needs more energy, with demand for oil expected to remain well above 100 million barrels per day into the 2040s,” Al Jaber said during an interview with the Atlantic Council.
He stressed that after exiting Opec, the UAE will have greater flexibility to supply more crude oil to customers worldwide.
At the same time, he said the UAE needs more energy to match the pace of its ambitions, particularly natural gas, which is becoming increasingly strategic not only for Adnoc’s business, but also for power generation, AI infrastructure, manufacturing, advanced industries and economic growth.
“This was not a reaction or a rupture, and it was not directed against anyone or any institution. For us, responsibility does not end with membership. Outside Opec, the UAE will remain what it has always been – disciplined, responsible, credible, reliable, and a stabilising force in global energy markets,” he added.
“We will continue engaging, talking, and showing up for our friends and partners whenever and wherever they need us,” Al Jaber said.
