The second pipeline that will bypass Iran is already 50% ready

The new pipeline will double ADNOC’s export capacity through Fujairah, a port that sits on the Gulf of Oman, just beyond Hormuz. The United Arab Emirates accelerated the construction of the project due to the Iran war and the pipeline is expected to go into operation in 2027.

Iran has blockaded Hormuz since the beginning of March, blocking the oil and gas exports of the United Arab Emirates and other Gulf countries. The UAE has routed some of its oil exports through an existing pipeline to Fujairah, which has a maximum capacity of 1.8 million barrels per day.

Al Jaber said the siege of Hormuz caused the worst disruption of energy supply in history. More than a billion barrels of oil were lost due to the closure of the strait, he said. According to him, almost 100 million additional barrels are lost each week that Hormuz remains closed.

Al Jaber said it would take at least four months to raise oil flows to 80 percent of normal levels, even if the war ended immediately. Also according to him, it will take until the first or second quarter of 2027 for the oil flow to normalize completely.

“This is not just an economic problem,” Al Jaber said. “It’s a dangerous precedent as soon as you accept the fact that one country can hold the world’s most important waterway hostage.”

US Energy Secretary Chris Wright told CNBC on Friday that the importance of the Strait of Hormuz to the global energy market will diminish after the Iran war, as Gulf states build more pipelines to bypass it.

“It’s a card you can play once,” Wright said of Iran’s blockade. “There will be other ways for energy to leave the Persian Gulf.”