Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Kuwait To Be Hardest Hit If Iran Closes Strait Of Hormuz
Analysts have pointed out that Iran’s threat to prevent the passage of oil shipments through Strait of Hormuz if America pushes ahead with its plan to stop all countries from buying Iranian oil will leave a dark shadow on Gulf countries in general and Kuwait in particular, reports Al-Rai daily.
They said Kuwait will be hardest hit by the closure of Hormuz Strait as it is the only way for Kuwaiti oil export — around two million barrels per day. They warned that if Iran closes the strait, it will prevent oil shipment of about 10 to 15 million barrels per day and this is considered a real catastrophe. They stressed it is more dangerous if the small oil reserve of Kuwait abroad (four billion barrels) is taken into consideration.
They were quick to add though that Iran will most likely not act on its threat as it could affect the entire world and lead to unprecedented oil price hike — about $300 per barrel. They emphasized the need for Kuwait to look for alternative ways in order to avoid the dangerous consequences, but the available alternatives are very limited and difficult to apply.
They cited one solution – exporting Kuwaiti oil through Oman using pipelines or Saudi Arabia to be transported through the Red Sea. They added the negative consequences will not be limited to Gulf countries as America, Russia, Asian and European countries will be affected as well, indicating these countries will not allow the closure of Hormuz Strait.
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Ministry Of Interior Denies Social Media Rumors Re...
13 April 2024
Comments Post Comment