The Strait of Hormuz once again features prominently in the news as the Iranian threats to close or interfere with shipping through the Strait intensify and the counter threats equally so.
We need not remind the reader of the importance of free passage in the Strait not only for Arabian Gulf countries but for the world at large. Especially in energy terms there is no complete alternative to the passage of about 17 million barrels a day (mbd) of crude oil, almost 84 million tonnes a year of liquefied natural gas and over 2 mbd of petroleum products and condensate.
The world has no way of replacing these volumes no matter how much governments try. Arabian Gulf countries depend on oil exports revenue for their livelihood and this is irreplaceable in the foreseeable future. Therefore, closing the Strait would be tantamount to declaring war on the region’s countries and many oil and gas importing countries worldwide.
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