DUBAI — The UAE's new crude pipeline bypassing the Strait of Hormuz is about 50% complete, the head of ADNOC said on Wednesday, adding that global oil flows may take at least four months to recover to 80% of pre-conflict levels after the Iran war ends.
Tehran has largely kept the waterway critical for global oil and gas supplies shut to all ships other than its own since US-Israeli strikes on February 28, sending energy prices and inflation surging and fanning fears of an economic downturn.
The Abu Dhabi Media Office revealed the existence of the new West-East Pipeline project last week, saying Crown Prince Sheikh Khaled bin Mohamed bin Zayed directed state-owned oil giant ADNOC to fast-track its construction in order to double export capacity via the port of Fujairah by 2027.
"Today, it's already almost 50% complete, and we are accelerating its delivery toward 2027," ADNOC CEO Sultan Ahmed Al-Jaber said during a live-streamed Atlantic Council event, among his most extensive public remarks since the war began.
