9 hours agoBlocking the Hormuz Strait by the Iranian Army jeopardises global oil markets what are the consequences for Kosovo?
Periskopi(5 months ago)
(5 months ago)The chairman of the Kosovo Alliance of Business (AKB) has said they are following the critical situation in the Strait of Hormuz, where Iran's naval forces have warned that ships are not allowed to pass, practically blocking the traffic of many oil tanks and tankers. Sahin via a post on the official UN page [...]
Sahin via a post on the official UN site has announced that by international reports hundreds of tankers and tanks have stopped and have trouble circulation or are waiting near the region, potentially hundreds of millions to 1 billion barrels of oil could be blocked.
Hormuz' “Nutica transports about 20% of the global oil supply. This oil mainly comes from countries of the Persian Gulf such as Saudi Arabia, the United Arab Emirates, Kuwait, Iran and Iraq, and the main destinations are Europe, China, India, Japan and other Asian countries, making every block a serious threat to global 34x1>, Sahin has said.
According to him, this situation could cause sudden increases in derivative prices, shocks for transport and global industry, as well as direct impact on the Kosovo economy “since we do not possess enough derivatives of”.
“The KB estimates geopolitical and military developments are directly affecting economic stability and requires institutions to be prepared for any scenario on the energy market. Oil is the economic security of a state”, Agim Sahin said.
