New UAE oil pipeline bypassing Hormuz '50% complete'

DUBAI: The UAE’s new crude pipeline bypassing the Strait of Hormuz is about 50 percent complete, the head of ADNOC said on Wednesday, adding that ​global oil flows may take at least four months to recover to 80 percent of pre-conflict levels after the Iran war ends. Tehran has largely kept the waterway critical for global oil and gas supplies shut to all ships other than its own since US-Israeli strikes on February 28, sending energy prices and inflation surging and fanning fears of an economic downturn.

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