Shipping Oil Through Strait of Hormuz Costs $20 Million, Says TotalEnergies CEO
· Business · Bloomberg, Khaleej Times
TotalEnergies CEO Patrick Pouyanné stated that transporting oil cargoes on a supertanker through the Strait of Hormuz costs approximately $20 million. The figure illustrates the substantial expenses involved in navigating the vital Middle Eastern chokepoint. The high cost reflects the financial risks and operational hurdles faced by oil traders and shipowners in the region. The report does not specify how this rate compares to historical shipping costs in the area.
Why it matters
High shipping costs through the Strait of Hormuz directly drive up global crude transport expenses, feeding into broader energy price pressures for consumers worldwide.
Read the original report — Bloomberg
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