The secretary general of the Organization of Petroleum Exporting Countries said Monday that he doesn't expect the Strait of Hormuz to be closed, but said it would be impossible to replace the oil route if a closure happens.
The secretary general of the Organization of Petroleum Exporting
Countries said Monday that he doesn't expect the
Strait
of Hormuz
to be closed, but said it would be impossible to
replace the oil route if a closure happens.
In recent weeks
Iran
has
threatened to retaliate against Western sanctions by closing the Strait,
through which one-third of global seaborne oil exports transits every day.
But speaking at a Chatham House energy conference, Abdalla Salem el-Badri said
that, in his view: "There will be no closure of [the Strait of]
Hormuz."
However, he said "it will be impossible to try to remedy the
shortage" created by a blockade in the unlikely case it happens.
Alternative onshore pipelines could reroute only a fraction of the total that
normally goes through the strait.
The official also said that
Iraq
wouldn't return to OPEC's quotas system until the "beginning or middle of
next year."
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