Ensuring a Supertanker Goes Through The Strait Of Hormuz Now Costs Tens Of Millions, Total CEO Says

TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanne said getting a supertanker through the Strait of Hormuz now costs $20 million. (Credit: AFP via Getty Images)

TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanne said getting a supertanker through the Strait of Hormuz now costs $20 million.

Pouyanne told Bloomberg that the company is buying barrels at between $50 and $60 in the Persian Gulf as producing countries are increasingly desperate to sell their stocks as shipping through the waterway continues to be practically nonexistent.