As much as 6.5 million barrels per day of Gulf oil would be routed around the Strait of Hormuz by two newly-announced pipelines. Although barely noted by the world's press, this development has extremely important strategic implications for the handling of Iran's strategic capacity to blackmail the world.
Iran maintains military installations that would enable it to threaten to close the world's most important energy choke-point, key to shipping Persian Gulf (Arabs call it the Arabian Gulf) oil to world markets. About 40% of the world's oil supply passes through the Strait. Of the 40%, the two pipelines would carry roughly 40%, in other words, 16% of the world's total oil supply.
Of course, it will take years for the construction to be completed, so there is no immediate strategic impact beyond the signal it sends to the Iran's leaders that there trump card has a limited life expectancy, if they choose to threaten to play it.