The U.S. sees Greenland as a backup plan for the oil market
The U.S. has stated that Greenland could serve as an alternative to oil routes through the Strait of Hormuz, which are currently under threat due to tensions with Iran. Washington believes the island has the potential to significantly impact the global oil market, according to The Hill.
The U.S. has once again begun discussing Greenland as a strategic resource that could shift the balance of the global energy market in the future, as Washington seeks alternative sources of oil supply to reduce dependence on unstable routes amid the escalating situation surrounding Iran and risks to the Strait of Hormuz.
This was stated by U.S. President Donald Trump’s special envoy to Greenland and Louisiana Governor Jeff Landry, who noted that the island has significant potential and could allegedly already reach an export level of up to 2 million barrels of oil per day, which, in his view, could partially relieve global shipments passing through the Strait of Hormuz. “Greenland could already be exporting up to 2 million barrels of oil daily,” Landry stated, emphasizing that developing this sector would help reduce pressure on one of the world’s key energy routes.
At the same time, the market is seeing a sharp rise in oil prices due to risks in the Persian Gulf: according to reports, Brent is hovering around $102 per barrel, and U.S. WTI is around $98, and this is already having a significant impact on the global economy and investor expectations.
Landri also claims that production in Greenland could be launched in a relatively short timeframe—approximately 10 months—although experts have previously emphasized on multiple occasions that such projects typically require significantly more time due to the region’s challenging climatic and technological conditions.
Against this backdrop, discussions in the U.S. are increasingly focusing on scenarios in which a prolonged blockade or disruption of the Strait of Hormuz could trigger global economic upheavals comparable in scale to the crises of past decades, which only heightens interest in alternative energy routes and new production regions.
Greenland and the U.S. are discussingnew American bases on the island.
In closed-door talks, Trump sought nearly complete control over Greenland.
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