Quoted in the Kuwait Times, Sheikh Fahad Al-Daoud Al-Sabah, an energy expert, said the likelihood of such attacks would increase if Syria failed to live up to its commitments to dismantle its chemical weapon arsenal.
He proposed that Kuwaiti crude should be stored in floating tanks close to overseas markets to avoid a crisis if the Strait of Hormuz were to close. Coordination amongst Gulf Cooperation Council members was vital, Sheikh Fahad was reported as saying, to deal with potential hazards that could threaten international oil supplies.
“The Hormuz Strait is a weak point for the Arab Gulf particularly at times of crises,” he said. “Strategic alternative solutions must be found to ensure flow of the oil regularly.”
He said it was important to weigh up the possible acquisition of floating oil storage facilities in countries supplied with Kuwaiti crude. This could avert a supply crisis and help to ensure Kuwait’s strategic oil security. Such a move, if adopted, could be welcome news for tanker owners who continue to face a market awash with tonnage and rates that are generally far below breakeven.
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