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Total Energies profits from Strait oil transit
Total Energies has confirmed that transporting oil through the Strait of Hormuz remains profitable, despite high costs and security threats that have led to the suspension of some oil flows from areas near the strait. CEO Patrick Pouyanné pointed out that oil is being sold at prices ranging from $50 to $60 per barrel, which is lower than the Brent crude oil price that has surpassed $90, due to pressure from producers on the markets. Transportation costs are estimated at around $20 million for the supertanker, adding approximately $10 per barrel. Additionally, the high transportation fees for refined petroleum products, reaching up to $50 per barrel, prevent most product carriers from passing through the strait. This has contributed to the current shortage of petroleum products and rising prices, while the company continues to invest in alternative routes, such as the Baghdad-Syria pipeline and increasing the capacity of the Fujairah pipeline.
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