Trump adviser calls on Gulf countries to bypass Strait of Hormuz — The National
Jarrod Agen, executive director of the US Energy Dominance Council, said during the UN General Assembly in New York, United States, that Persian Gulf countries should create several alternative oil export routes bypassing the Strait of Hormuz. According to him, the United States sees the UAE and Saudi Arabia as key partners in developing such infrastructure.
As The National reports, Agen compared this approach to the search for new routes to supply US liquefied natural gas to Europe when European countries had to abandon Russian gas. He stressed that a network of different routes is needed that cannot be blocked simultaneously.
Alternative export corridors
Agen suggested creating east-west corridors, routes bypassing the strait, as well as routes through Turkey or to the Mediterranean Sea. He said that implementing such projects would require billions in investment, but described them as justified in view of long-term energy security.
The publication writes that after the war with Iran began in February, vessel traffic through the Strait of Hormuz fell by approximately 95% — from more than 100 vessels per day to about five. Previously, more than 20% of global oil trade passed through this route. Tanker insurance for passage through the strait, according to The National, has risen to millions of dollars per voyage.
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Oil refining and Venezuela
The head of the Energy Dominance Council said that US oil refining capacity is currently operating at 100%. According to him, President Donald Trump's administration is considering using the Defense Production Act to accelerate financing for refining capacity.
Agen also announced a new US energy agreement with Venezuela that provides for the opening of 17 oil fields. He called it the largest oil deal in US history and said that the Trump administration seeks to make the Western Hemisphere the center of global energy — from Alaska to Argentina.
Speaking about Europe's energy policy, Agen said that the focus should be on affordable and reliable energy, including natural gas and nuclear power, rather than on a complete phaseout of fossil fuels.
