Qatar's Energy Minister, Saad Al-Kaabi, during his speech at the Qatar Economic Conference in New York, described the U.S. Treasury Secretary, Scott Basset's, statements that the Strait of Hormuz would become worthless in the next two years as incorrect. Al-Kaabi stated: "This view is completely wrong" and emphasized that the Strait of Hormuz remains a key location for transportation and trade globally.
Analysis and Assessment of the Importance of the Strait of Hormuz
Basset announced on September 1 during a G20 meeting that the Strait of Hormuz would soon lose its significance due to countries' efforts to create alternative pipelines. He said: "In the next two years, the Strait of Hormuz will be like worthless water." However, Al-Kaabi pointed out that the Strait of Hormuz is vital not only for oil and gas but for all types of trade, emphasizing: "Trade through the Strait of Hormuz can never become obsolete."
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Pipelines and Qatar's Future Plans
Saad Al-Kaabi also announced that Qatar currently has no plans to build new pipelines to bypass the Strait of Hormuz. He clarified: "We have decided not to build pipelines, and this decision is based on commercial and technical issues. We will only use the straits." This decision comes as Saudi Arabia is increasing investment in Red Sea ports and the United Arab Emirates is pursuing a multi-billion dollar strategy to develop routes that do not pass through this strait.
Qatar's Minister of Industry and Trade, Sheikh Faisal Al-Thani, also supported Al-Kaabi's views, stating: "The reality is that 90 percent of all maritime transport is done via the sea. This relates to diversity." These statements highlight the importance of the Strait of Hormuz as one of the most significant trade points in the world.
In addition to these statements, Al-Kaabi referred to the future of the Strait of Hormuz and its role in the global oil and gas market, saying: "If this topic comes up again, I can tell anyone that this strait will never lose its value."
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