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Total Energies gains from Strait oil transit
Reports indicate that Total Energies is making profits from oil transiting through the Strait of Hormuz, despite the threats and the tense situation the strait experienced during the war between the United States and Israel on one side and Iran on the other. The CEO explained that oil is sold at prices between $50 and $60 per barrel, with the cost of transporting a single barrel around $10, while the total transportation cost for a supertanker amounts to approximately $20 million. He pointed out that Brent crude prices are exceeding $90 per barrel, which makes crossing the strait profitable—especially since product tankers are unable to transit due to high costs, leading to shortages in refined products and a disparity between the declining crude oil market and the rising markets for petroleum products. The company plans to invest in alternative routes, such as the Baghdad-Syria pipeline and increasing the capacity of the Abu Dhabi-Fujairah line to 3.6 million barrels per day by next year.
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