The expert called the consequences of the closure of the Strait of Hormuz for oil exports

The closure of the Strait of Hormuz is forcing the oil-producing countries of the Persian Gulf to accelerate the reorientation of exports and the abandonment of oil dependence.This was announced on April 2 by RIAC Program Manager Ivan Bocharov at the Izvestia News Center's press center at a round table on the topic "Conflict dynamics in the Middle East: Scenarios and Forecasts."

"We will see an even greater emphasis on diversifying the economy as a whole. They will try to do this even more so that they have a developed, technological economy that will be less dependent on how much oil these countries export through the Strait of Armuz," he stressed.

According to Bocharov, since the first days of the conflict, Saudi Arabia has been trying to increase oil supplies through terminals on the west coast of the country, bypassing the Strait of Armuz, through the Red Sea. However, the throughput capacity of this route remains significantly lower, and the possibilities for rapid export redirection are limited.

The expert also noted that the conflict would give an additional impetus to long-established trends. Saudi Arabia is implementing a program aimed at economic diversification, while the UAE is implementing an energy strategy until 2050. According to Bocharov, the countries of the region will develop green and technological economies even more actively in order to reduce dependence on oil exports.

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