Bertrand SOUBEYRAND
"We're likely the biggest trader of oil from Iraq and Qatar at the moment," he stated. "I can state that oil is presently flowing through the Strait of Hormuz in a very silent and subtle manner."
Prior to the onset of military unrest in the Middle East, around 20% of worldwide oil shipments traversed the strait. Shipping via the strait has significantly decreased because of potential attacks from Iran and the existence of naval mines.
Pouyanné stated that his firm is acquiring oil from Middle Eastern nations at a substantial discount to current Brent prices, around $50-60 per barrel, since "producers are urgently attempting to deliver their oil to market."
According to Pouyanné, moving a supertanker through the Strait of Hormuz and returning it will now cost about $20 million. "Dividing the 2 million barrels transported, the premium amounts to roughly $10 per barrel."
The cost for shipping petroleum products has reached $50 per barrel, attributed to the reduced size of tankers used for this fuel, the Total CEO stated. As a result, he said that there is a lack of petroleum products available in the market.
Total is also investigating different supply channels. Specifically, the firm is focused on increasing the capacity of the Habshan-Fujairah oil pipeline to approximately 3.6 million barrels per day, Pouyanne stated.
source: reuters.com
Prior to the onset of military unrest in the Middle East, around 20% of worldwide oil shipments traversed the strait. Shipping via the strait has significantly decreased because of potential attacks from Iran and the existence of naval mines.
Pouyanné stated that his firm is acquiring oil from Middle Eastern nations at a substantial discount to current Brent prices, around $50-60 per barrel, since "producers are urgently attempting to deliver their oil to market."
According to Pouyanné, moving a supertanker through the Strait of Hormuz and returning it will now cost about $20 million. "Dividing the 2 million barrels transported, the premium amounts to roughly $10 per barrel."
The cost for shipping petroleum products has reached $50 per barrel, attributed to the reduced size of tankers used for this fuel, the Total CEO stated. As a result, he said that there is a lack of petroleum products available in the market.
Total is also investigating different supply channels. Specifically, the firm is focused on increasing the capacity of the Habshan-Fujairah oil pipeline to approximately 3.6 million barrels per day, Pouyanne stated.
source: reuters.com