Could Canada help countries facing a potential energy crisis?
BNN Bloomberg
The war in the Middle East is quickly pushing some countries around the world towards a potential energy crisis.
The effective closure of one of the world’s most important maritime passages has already pushed global oil prices way up, and could result in an increased demand for Canada’s energy sector.
The Strait of Hormuz is a crucial passage for about one-fifth of the flow of global oil and liquified natural gas (LNG) – it connects the Persian Gulf to the open ocean.
“This has changed our whole view of risk and where oil comes from, where natural gas comes from,” said Richard Masson, a former CEO for the Alberta Petroleum Marketing Commission, about the situation in the Middle East.
The majority of the oil and gas on the tankers navigating the narrow passage are destined for Asian markets. Countries like China, India, Japan, and South Korea are the most vulnerable to disruptions in the Strait of Hormuz.
“We’ve now seen that Iran can shut this strait down and it means that there’s going to be less countries that want to rely on Middle East oil, so where are they going to get it?” said Masson.
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Global equity funds recorded the largest weekly outflows since mid-December in the seven days to March 11 as disruptions to oil supplies stemming from the ongoing U.S.-Israel conflict with Iran stoked concerns about inflation and global economic growth.