Commodities
Home›Commodities›Energy›Gulf oil executives urge new routes and storage to byp…
Gulf oil executives urge new routes and storage to bypass Hormuz
Saudi Aramco CEO Amin Nasser said no country should manage the Strait of Hormuz risk alone, calling for external investment in alternative shipping and storage capacity.
OilPrice reports that executives from major Gulf oil-producing companies urged outside investment to develop new routes that can bypass the Strait of Hormuz and to expand crude and fuel storage capacity outside the region, closer to end consumers.
According to OilPrice, Saudi Aramco CEO Amin Nasser said while Saudi Arabia is capable and its systems are coping, the risk of relying on Hormuz should not be borne by any single country.
The executives also called for creating and expanding storage capacity beyond the region as part of the effort to reduce disruption exposure tied to the Strait of Hormuz, the outlet said.
Latest closeWTI crude $89.70 ▼1.6%