Saudi Arabia and the United Arab Emirates have opened two new pipelines bypassing the Strait of Hormuz, the shipping lane that Iran has threatened to close, in a move that will reduce Tehran’s power over global oil markets.
Iran’s oil production has fallen to its lowest in more than 20 years due to the impact of US and European sanctions, prompting Tehran to repeat its threats to shut down the strait, the conduit for a third of the world’s seaborne oil trade.
The new links will more than double the total pipeline capacity bypassing the strait to 6.5m barrels per day, or about 40 per cent of the 17m b/d that transits Hormuz.
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