Importance of Strait of Hormuz will decrease, says US energy secretary
The US energy secretary expects to see growth in pipeline capacity through Saudi Arabia, the UAE, and other countries in the Middle East, predicting that the Strait of Hormuz’s importance for global oil and gas shipments will decrease, Al Jazeera reports.
“There’ll be other routes for energy to get out” of the Gulf region, Wright tells CNBC.
“I think we will see a decreasing importance from the Strait of Hormuz but not a decreasing importance of those nations’ energy production and energy supply,” he adds.
“They’re great allies of the United States, they’re key energy suppliers to the world, and we need to see prosperity, peace and economic growth returning to that region.”
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