There is a very relieving news amidst the big threat looming on the crude oil supply chain at the global level. In fact, the Gulf countries have now started looking for new ways on a war footing to end their dependence on the Strait of Hormuz which is under the influence of Iran. The most important thing is that the most important project on which the world is eyeing to avert this major global crisis is the ‘India-Middle East-Europe Economic Corridor’ (IMEC) supported by Prime Minister Narendra Modi. This vision of India is now becoming the biggest guarantee of energy security for the world.
Hormuz is still the lifeline of the world
For decades, the Strait of Hormuz has been the main lifeline for the Gulf countries’ oil to reach the world. But recent tensions have exposed the great weakness of this narrow waterway. The giants of the energy sector are afraid that even the slightest disruption here can completely stop the global energy supply in a few days. Sensing this great danger, even before the crisis deepens, the Gulf countries are seriously considering laying a huge network of new pipelines, railways and roadways for oil transportation so that this ‘bottleneck’ can be avoided.
India’s corridor will prove to be a ‘game changer’
India’s role in this entire incident has become very important and influential. According to the Financial Times report, the US-backed IMEC project is at the very center of the discussion about these new alternative routes for oil. This corridor will directly connect India to Europe via the Middle East. The clear call given by Prime Minister Modi during his visit to Israel last month to strengthen cooperation under IMEC and I2U2 (India, Israel, UAE and America) group now seems to be coming to fruition. India is no longer just a big market, but has emerged as a strong global leader in securing the world’s supply chain.
Saudi Arabia’s ‘masterstroke’
Keeping this future challenge in mind, Saudi Arabia has already prepared a safe option. Its ‘East-West Pipeline’ transports oil directly to the Red Sea, eliminating the need to go to Hormuz. A senior Gulf energy official has called it a “genius masterstroke”. Along with this, work is also going on on a very ambitious plan to directly connect the Arabian Peninsula to the Mediterranean Sea through Israel’s Haifa port. Christopher Bush, CEO of Lebanese construction firm ‘Cat Group’, has confirmed that market interest in various pipeline projects has increased rapidly.
Netanyahu’s ‘long-term’ vision
Amidst this entire strategic change, US President Donald Trump has given a clear message to the countries dependent on Hormuz for oil that they should show courage and take control of this important waterway in their hands. Trump has assured the security of his Middle Eastern allies, but has also asked countries to secure and use their own path. At the same time, Israeli PM Benjamin Netanyahu is also a strong supporter of these alternative paths. He clearly believes that military options can only provide immediate relief, but true and long-term peace will be ensured only by strategic changes in infrastructure (such as bypassing Iran’s geographical chokepoint by laying pipelines in the western direction).
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