UAE to complete second oil pipeline bypassing strait of Hormuz by 2027
Summary
The United Arab Emirates (UAE) plans to finish a second oil pipeline by 2027 that will avoid the Strait of Hormuz. This pipeline aims to protect the UAE’s oil exports if the waterway remains blocked, as it has been during recent conflicts.Key Facts
- The UAE’s new pipeline will transport oil to the port of Fujairah, bypassing the Strait of Hormuz.
- The current Habshan-Fujairah pipeline carries up to 1.8 million barrels of oil per day.
- The new pipeline will double the UAE’s export capacity through Fujairah.
- The pipeline project has been fast-tracked by Abu Dhabi’s crown prince to secure oil exports.
- Iran blocked tankers from passing the Strait of Hormuz after attacks in late February 2024.
- The Strait of Hormuz is a key route for about 20% of the world’s oil and gas shipments.
- UAE left OPEC in 2024, aiming to produce more oil than OPEC quotas allow.
- Saudi Arabia can transport about 7 million barrels a day via pipelines to the Red Sea.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.