Strait of Hormuz vital for oil transport
Manama, November 10, 2010
The Strait of Hormuz is one of the most important international waterways for transportation of oil and trade goods, a top official has said.
Nothing can close such a vital waterway as the international community will not accept any act that disrupts the movement of vessels through this strategic strait, said His Majesty King Hamad's diplomatic affairs adviser and Bahrain Centre for Strategic, International and Energy Studies board of trustees chairman Dr Mohammed Abdulghaffar.
He said this in response to a question by our sister paper Akhbar Al Khaleej's reporter at a Press conference on the sidelines of the inaugural Energy Security - Potential for EU-GCC Co-operation forum at the Diplomat Radisson Blu SAS Hotel, Residence and Spa.
At the opening of the conference, Oil and Gas Affairs Minister and National Oil and Gas Authority chairman Dr Abdulhussain Mirza said that Bahrain's oil companies and oil installations have 'active and comprehensive' risk management systems in place to tackle any internal security issues. 'Not only is Bahrain fully prepared to tackle any threat, but we have ensured that companies in the oil and gas sector as well as the petrochemical industry have detailed, current, and active risk management systems in place,' he said.
Global oil supplies will come close to a peak by 2035 when oil prices will exceed $200 (BD75) a barrel, the International Energy Agency (IEA) said yesterday, as China and other emerging economies drive demand higher.
The IEA, in its 2010 World Energy Outlook, said crude oil output had already peaked and would flatten out in the next 10 years, boosting reliance on costlier and more polluting unconventional sources such as oil sands.-TradeArabia News Service