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Iran war disrupts Persian Gulf oil flows, boosting pipeline and port plans
Oil and gas disruptions from the Strait of Hormuz pushed the global energy import bill up by $330 billion in the six months to August, according to a Centre for Energy Research and Clean Air report.
OilPrice reports that disruptions to oil and gas flows out of the Persian Gulf, linked to the U.S. and Israel versus Iran conflict, have left energy-importing nations facing higher costs and uncertainty over supply.
The outlet cites a Centre for Energy Research and Clean Air analysis saying the global total energy import bill rose by $330 billion over the six months between March and August, with the impact tied to the region’s reliance on the Strait of Hormuz as an export corridor.
OilPrice adds that with Hormuz closed, Persian Gulf producers had to idle wells and move stored oil on tankers using switched-off transponders, while also accelerating work on routes that bypass the chokepoint.
The outlet points to Saudi Arabia’s East-West pipeline to the Red Sea, which rerouted export flows early in the war and ramped up to about 7 million barrels of crude daily, limited mainly by loading capacity at Yanbu Port.
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