International Oil Price Slightly Up, UAE to Build New Oil Pipeline to Bypass the Strait of Hormuz by 2027

BlockBeats News, May 15th, the UAE is constructing a new oil pipeline bypassing the Strait of Hormuz and plans to put it into operation in 2027. According to a statement from the country's media office, once completed, the oil export capacity of the Abu Dhabi National Oil Company (ADNOC) via the Fujairah port will double, helping meet the global market demand.

At the time of publication, the international crude oil market price is stabilizing, with WTI crude oil currently at $102.86, up 0.78% intraday; Brent crude oil is at $104.33, up 0.4% intraday.