US EditionHormuz toll preferable to closure, TotalEnergies CEO says
- Shipping through the Strait of Hormuz, through which 20% of the world's oil and gas is transported, has been largely paralyzed since the start of the war in the Middle East on February 28.
- Patrick Pouyanne, CEO of TotalEnergies, said it is fundamental to reopen and ensure free circulation through the Strait of Hormuz, even if a toll has to be paid, for the freedom of global markets.
- Pouyanne warned that if the war and blockade last more than three months, Western countries will begin to face serious supply issues, notably in jet fuel, diesel, and fertilizers derived from petroleum products.
24 Articles
24 Articles
The concern of the major oil multinationals is growing, while the Strait of Ormuz, where 20% of the oil and gas consumed in the world usually transits, remains paralysed. Black gold reached new records at the beginning of the week and the risk of shortage is real, especially in kerosene and diesel; Patrick Pouyanné, the boss of TotalEnergies, even said he was willing to pay a right of way.
Patrick Pouyanné cautioned against the risk of tension in the global supply of oil and refined products if the situation were to last for more than three months.
Patrick Pouyanne, CEO of French energy giant TotalEnergies, said the opening of the Strait of Hormuz and freedom of navigation were vital for the market, even if it meant paying fees to any party. Pouyanne believes that the additional blockade imposed by US President Donald Trump on Iranian ports is contributing to a supply squeeze in a market already facing an oil shortage, which explains the sharp rise in crude prices.
The boss of the French group TotalEnergies repeated on Monday the importance for the oil market of a reopening of the Strait of Ormuz, on the first day of a blockade announced by Washington, "even if it involves paying compensation".
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