The Iran war, which has disrupted oil and gas flows, has forced Middle Eastern producers to accelerate the creation of alternative oil routes. Meanwhile, according to the Finnish Climate Research Centre, the global energy import bill has risen by $330 billion.
Saudi Arabia and the UAE have begun to expand their pipeline systems to bypass the Strait of Hormuz. Saudi Arabia's East-West pipeline, previously used for lower volumes, can now transport up to 7 million barrels of oil daily.
At the same time, the UAE plans to double its export capacity through the port of Fujairah, and TotalEnergies will participate in this project.
The ongoing Iran war is prompting regional governments to focus on developing alternative oil and gas routes.
