U.S. Treasury Secretary Scott Bessent stated that Gulf oil producers could bypass the Strait of Hormuz within two years. He noted that the construction of new export infrastructures has accelerated during this period, particularly due to the war with Iran.
Bessent remarked that “this strait will be worthless in two years.” He also mentioned that Saudi Arabia has already begun using alternative routes, such as pipelines running from east to west across the Arabian Peninsula.
The United Arab Emirates (UAE) is also planning to build new pipelines that will help bypass the Strait of Hormuz.
Additionally, Iraq is discussing the construction of new pipelines that will transport oil to the Mediterranean Sea.
