Baku, Azerbaijan, July 31
By Elnur Baghishov - Trend:
According to official statistics, 16-20 million barrels of crude oil pass through the Strait of Hormuz daily, which makes up about one fifth of the global oil demand, Iranian oil analyst Abdolsamad Rahmati told ILNA, Trend reports.
According to him, 82 million tons of liquefied natural gas (LNG) are transported through the strait, making up one third of the global LNG demand. "Thus, the Strait of Hormuz plays a very important role in ensuring global energy security," he said.
Rahmati said that 20 percent of the global oil supply and 30 percent of the global gas supplies are transported through the Strait of Hormuz.
The expert went on to say that the bulk of the petrochemical products also pass through this strait. Therefore, in the short term, there exist no other alternative routes for the transport of these products.
“Oil from Saudi Arabia, Iraq, the UAE, Kuwait and Qatar crosses the Strait of Hormuz. Considering the likelihood of the closing of the Strait of Hormuz, one of the options to meet the global oil demand is laying pipelines,” he said.
Rahmati said that some pipelines have already been laid by certain Arab countries in recent years. However, these pipelines are not profitable both in terms of their construction and maintenance. Moreover, they will not be able to sufficiently meet the global oil demand in terms of the volume of oil transported.