None
EN
Gulf oil producers race to build alternatives to the Strait of Hormuz as oil hits $100
['Quirino Mealha', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Before the war, roughly 15 million barrels of Gulf oil passed through the Strait of Hormuz every day, as around a fifth of the world's traded oil moved through the maritime chokepoint in peacetime.
RelatedMeanwhile, the UAE has been channelling more oil to Fujairah, its port on the Gulf of Oman about 145 kilometres south of the Strait of Hormuz.
Together the two links had a spare capacity of some 3.5 to 5.5 million barrels a day before the war, according to the US Energy Information Administration, and both now run close to full representing around 6.5 million barrels a day.
Abu Dhabi's state oil company is also racing to finish a project it began before the war.
Red Sea relief, Red Sea riskThe Red Sea route has vulnerabilities of its own, and this week served as a reminder.