Amid escalating tensions in the Middle East, Chief Executive of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, has offered a reassuring assessment of the situation, stating that a unilateral closure of the Strait of Hormuz by Iran is highly improbable due to overwhelming international and regional opposition.
His comments follow a dramatic weekend in which Iran’s parliament backed a resolution to close the crucial waterway in retaliation for U.S. airstrikes on Iranian nuclear sites.
However, Mr. Tamakloe argued that the sheer scale of geopolitical and economic interests tied to the strait would act as a strong deterrent to any such move.
“The Strait of Hormuz is not solely under Iran’s control. Oman, which borders the other side of the passage, has no interest in supporting any closure. The route is a major source of income for Oman and serves global energy needs, particularly in Asia and Europe,” Mr. Tamakloe explained.
The Strait of Hormuz is one of the world’s most strategic maritime chokepoints.
Nearly 20 million barrels of oil about one-fifth of the world’s daily supply, pass through it every day, according to the U.S. Energy Information Administration (EIA).
Mr Tamakloe underscored that Oman’s longstanding policy of neutrality and its economic reliance on maritime trade make its cooperation in any blockade highly unlikely.
“The ships using the route pay tolls and port fees. Oman, along with other Gulf states, benefits directly from the continued flow of goods through the strait,” he noted.
He also pointed to the interests of global powers.
“China, the world’s largest oil importer, relies heavily on this corridor, as do other South Asian countries. Additionally, Europe particularly in the wake of sanctions on Russian energy has become more dependent on diesel and LNG shipments from the Gulf, much of which passes through the Strait of Hormuz.”
He revealed that he closely followed Saturday’s emergency United Nations Security Council meeting, which he described as leaning more toward diplomacy than war.
However, he warned that a wider regional conflict would pose a much greater risk to global oil supplies. Despite the risks, the NPA CEO remains optimistic.
As a net oil importer, Ghana remains vulnerable to global oil price shocks.
Nonetheless, Mr. Tamakloe assured the public that the country’s fuel reserves are strong.