Gulf Shipping Crisis Fuels New Eurasian Corridors
Ukraine Cuts Gas Storage Rates To Encourage Domestic Buildup Ahead Of Winter James D.
Durso is the Managing Director of Corsair LLC, a supply chain consultancy.
In 2013 to2015, he was the Chief Executive Officer of AKM… Donald Trump and Bibi Netanyahu deserve thanks for boosting Eurasia connectivity after their attacks on Iran resulted in thecollapseof ship traffic through the Strait of Hormuz.
Unfortunately, the attacks may reduce real labor incomes by as much asUS$3 trillionglobally by 2027, according to the International Labour Organization.
taxpayer for military operations isUS$29 billion(so far) according to the Pentagon, and about US$35 billion in extra gas and diesel costs since the start of the war, according to Brown University.
Before the start of the Ramadan War on 28 February, thing were looking so-so for Eurasia connectivity: fighting between Pakistan and Afghanistan was delaying theUzbekistan–Afghanistan–Pakistan (UAP) Railway Project; theTurkmenistan–Afghanistan–Pakistan–India (TAPI) natural gas pipelineis significantly stalled, also due to Afghanistan-Pakistan fighting; China may have been reconsidering its commitment to infrastructure in Pakistan; and the Iran-Pakistan natural gas pipeline was stalled after U.S.
threats of sanctions; theChina–Kyrgyzstan–Uzbekistan railwaysecured funding and construction was underway with a planned completion date of 2029.
The Middle Corridor, a political project to divert traffic away from the Russia-hosted Northern Corridor, was being vigorously advocated but ismore expensivethan the Northern Corridor and needs significant investment to be competitive.The India-Middle East-Europe Economic Corridor (IMEC), an adjunct to the Abraham Accords, which would yoke the Arab Middle East to Israel by using Israeli sea ports to connect to Europe, had seen early-stage progress.
Iraq’s Development Road, is a 1,200 km rail + highway network that would connect the Persian Gulf to Europe via Türkiye and compete with Egypt’s Suez Canal, but the project must navigate Iraq’s tricky political landscape and secure funding.
Iran wascompletingthe final segment of the International North-South Transport Corridor (INSTC), connecting South Asia to Europe.Related: Why Hasn’t Oil Hit $150? In April, Pakistanannouncedthe opening of six overland routes to allow third-country, but not Indian, goods to be delivered to Iran.
The shortest route, using Gwadar Port, requires only two to three hours to reach Iran.
Iran is using the Caspian Sea tobypassthe U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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