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TotalEnergies Continues Oil Transport Through Strait of Hormuz Amid Market Challenges
TotalEnergies CEO Patrick Pouyanne announced that the company is successfully transporting oil through the Strait of Hormuz, despite the ongoing geopolitical tensions in the region. Speaking at a Norwegian energy conference, Pouyanne highlighted that steep discounts from crude producers are compensating for the high transport costs associated with the risk of conflict, allowing the company to profitably move oil from Iraq and Qatar.
The current market dynamics show crude oil being sold at prices between $50 and $60 per barrel, approximately $30 below the Brent benchmark, which was trading above $90 per barrel. This significant discount reflects the desperation of producers to sell their oil, making the added transport costs of around $10 per barrel manageable for companies willing to navigate the strait. However, the situation is different for refined products, where transport costs are prohibitive, leading to a lack of product tankers operating in the area.
Despite the viability of transporting crude through Hormuz, TotalEnergies is actively investing in alternative export routes. The company plans to partner in a pipeline connecting Baghdad to Syria and aims to double the capacity of the existing Fujairah pipeline in Abu Dhabi. This pipeline is crucial for the UAE as it seeks to enhance its crude export capabilities while bypassing the Strait of Hormuz altogether.
© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: KLEA News