Oil Producers, Buyers Looking at Long-Term Alternatives to Hormuz, Says Clara Gillispie

Clara Gillispie, senior fellow for climate and energy at the Council on Foreign Relations, said that oil producers and buyers are considering the possibility that the Strait of Hormuz will remain closed or operating at reduced capacity in the coming year. According to Bloomberg, Gillispie stated that countries are exploring alternative shipping routes and methods to reduce their insurance risk exposure as they prepare for potential disruptions.

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