Dr. Carole Nakhle, CEO of Crystol Energy, spoke to The New Arab about the regional push to develop pipelines and trade corridors that bypass the Strait of Hormuz. She explained that these routes can diversify risk and strengthen energy security, but should be viewed as complements rather than substitutes for the Strait.
Countries such as Iraq, Kuwait, Qatar and Iran remain particularly exposed to any disruption because of their dependence on Hormuz for energy exports. Meanwhile, producers outside the region, including the United States, Brazil, Canada, Norway and Guyana, could become more attractive as buyers seek to diversify their sources of supply.
Dr Nakhle also noted that markets could tighten even if production remains unaffected. Higher freight costs, rising insurance premiums and longer delivery times could place additional pressure on oil and gas prices.
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