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Watching The World: Showdown in Hormuz?

12/07/2009
By Eric Watkins
Here's something that may alarm the oil and gas industry: Iran has given the Islamic Revolutionary Guard Corps command over naval operations in the Persian Gulf and Strait of Hormuz.That's according to a report by the US Office of Naval Intelligence, which says the Iranians have undertaken the move as of a strategy to block international access to vital sea lanes in the event of a war.As a reminder, oil movements through the strait account for 40% of all seaborne oil traded in the world, according to the US Energy Information Administration.EIA also predicts that oil exports passing through the strait will reach 30-34 million b/d by 2020 from the current 15 million b/d.Adverse impactsAny ...
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