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🇦🇪 The UAE is reportedly planning a 3rd way around Hormuz. ADNOC is weighing a 3rd crude pipeline from its western oil fields to Fujairah, on the coast outside the strait, Bloomberg reports. ADNOC calls the report “inaccurate and purely speculative”. Here’s what’s already built or being built: 🔹 Pipeline 1, Habshan–Fujairah: about 1.8m barrels a day, running since 2012 🔹 Pipeline 2: a parallel line due in 2027, doubling the route’s capacity to about 3.6m 🔹 Pipeline 3: under study, reportedly briefed to some Asian refiners That’s against production capacity of about 4.4m barrels a day, aiming for 5m by 2027. Pipelines take years to build. You only plan a 3rd one if you think the strait stays a risk long after the war ends. Saudi Arabia is doing the same, expanding its East-West line to the Red Sea from 7m to 10m barrels a day. The 2 biggest Gulf exporters are building their way out of Hormuz. image source: S&P Global