French company TotalEnergies continues to transport oil through the Hormuz Strait, announced CEO Patrick Pouyanne at an energy conference in Norway, according to Reuters.
“We are probably the largest traders of oil from Iraq and Qatar now,” he said. “I can say that oil is currently being transported through the Hormuz Strait very quietly and without publicity.”
Before the onset of military conflict in the Middle East, about 20% of global oil flows passed through the strait. Now navigation has sharply decreased due to the threat of possible attacks from Iran and the presence of naval mines.
Pouyanne stated that the company is purchasing oil from Middle Eastern countries at a significant discount to current Brent quotes, at about $50–60 per barrel, as “producers are desperately trying to get their oil to market.”
On Monday, Brent crude was selling for about $93.4 per barrel.
“Transporting supertankers through the Hormuz Strait and back costs about $20 million,” Pouyanne said. “If we divide that amount by the 2 million barrels being transported, the additional cost will be about $10 per barrel.”
In the case of transporting oil products, the additional cost already reaches $50 per barrel, as the tankers carrying them are smaller, added the TotalEnergies CEO. He noted that this is why there is a shortage of oil products in the market.
TotalEnergies is also exploring alternative supply routes. In particular, the company is investing in doubling the capacity of the Habshan–Fujairah pipeline, which currently stands at about 1.8 million barrels per day, said Pouyanne.
Since the beginning of 2026, TotalEnergies' market capitalization has increased by 37%, reaching €172.9 billion.
