The Strait of Hormuz has become the pressure point of the global energy system. The war has already deprived global markets of 1 billion barrels of crude oil and petroleum products. Supply from the Middle East has been severely disrupted, and there is now rising uncertainty around Chinese refining projects and global inventories. For governments, part of the answer to this strategic crisis may now begin much closer to home. While energy security is often discussed from the top down – and pipelines, LNG terminals, strategic reserves, and naval…
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