The cost of shipping oil cargoes on a supertanker through the Strait of Hormuz now amounts to $20 million, TotalEnergies SE chief said on Monday, underscoring the wide margins needed to be made by traders and shipowners.
Pouyanne said TotalEnergies was benefiting from the sharp discounts offered by Middle Eastern crude producers, with oil being sold at $50-$60 a barrel, significantly below Brent crude prices, which were trading above $90 a barrel on Monday. The discounts were helping offset the sharply higher cost of transporting cargoes through the Strait of Hormuz, he said.
