Speaking at the Middle East Petroleum and Gas Conference in London, Philippe Khoury, Executive Vice President for Sales and Trading at the Abu Dhabi National Oil Company (ADNOC), stated that August could mark a critical tipping point for higher global oil prices. Khoury stated that this scenario depends on the combination of a rebound in global energy demand and sustained supply disruptions linked to the conflict affecting Iran.
According to Khoury, maritime transit through the Strait of Hormuz remains restricted and below pre-crisis volumes because of persistent regional security concerns. The waterway serves as a critical strategic choke point handling roughly one-fifth of global daily petroleum liquids consumption.
Khoury emphasized that even after disruptions ease, global energy logistics cannot reset immediately, remarking that operations will not resume like a flip of a switch. He noted that certain supply chain components would require weeks to restore while others would take months, projecting that a comprehensive recovery could take up to a full year, potentially lasting into mid-2027.
The outlook aligns with earlier commentary by ADNOC Group Chief Executive Officer Sultan Al Jaber, who previously estimated that full normalization of vessel transit through the Strait of Hormuz might not be achieved until the first or second quarter of 2027.
Sources
- EnergyNow.com · 2026-09-24
