Oil Majors Bet Big on Pipelines to Bypass Hormuz Chokepoint
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TotalEnergies is funding two pipeline projects, Abu Dhabi's expanded Fujairah export line and a proposed Iraq-to-Syria route, aimed at routing crude around the vulnerable Strait of Hormuz following June's wartime paralysis.
The infrastructure push arrives alongside Norway's warning that oil and gas output could decline sharply after 2030 without fresh discoveries, and Venezuela's slower-than-expected return of ExxonMobil and ConocoPhillips output.
Combined, these supply-side signals point to a commodities market recalibrating long-term crude availability assumptions, even as near-term geopolitical premiums dominate daily price swings.