23 Hrs
Source:
الاقتصادية
Treasury Secretary: Hormuz to lose strategic value in two years
The article discusses the U.S. Treasury Secretary's expectation that the Strait of Hormuz will lose its significance within the next two years, as a large portion of the energy passing through it (50-70%) will be diverted to underground pipelines. This shift aims to reduce the importance of the strait as a primary route for transporting oil and gas. It also highlights the efforts of Gulf countries to develop new pipelines to decrease reliance on the strait amid increasing security risks, especially after its previous closure by Iran, which caused disruptions in global energy supplies. Additionally, the article mentions Iran's announcement of an imminent maritime agreement with Oman that would allow ships to pass freely, albeit tied to conditions set by the United States. Washington affirms that it will continue to pressure Iran and work to ensure the safe passage of ships through the Strait of Hormuz, despite doubts about Iran's intentions. The piece also underscores the strategic importance of the Saudi East-West Oil Pipeline, which transports approximately 7 million barrels per day and enhances the region's capacity to export oil without depending on the strait, with Saudi Arabia considering expanding its capacity to 9 million barrels daily.
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