The oil minister of the United Arab Emirates says a new crude oil pipeline that will bypass the strategically sensitive Strait of Hormuz is almost finished. Even though, Iran's treats to close the Strait of Hormuz, the pipeline being build could enter into operations very soon. The Abu Dhabi Crude Oil Pipeline project aims to ship crude from the UAE's main oil producing region to the port of Fujairah on the country's Gulf of Oman coast. The United Arab Emirates have nearly finished a 2.5 million-barrel-a-day pipeline circumventing the Persian Gulf.
That would allow some of the OPEC member's oil to avoid the Strait of Hormuz, access to which is shared by Iran and Oman. A closure would prompt a spike in oil prices, analysts said, dealing a further blow to the troubled world economy.