Hormuz must stay open even with tolls, says TotalEnergies CEO as supply risks loom
Patrick Pouyanne, CEO of TotalEnergies SE speaks during the Semafor World Economy Conference in Washington, DC, on April 13, 2026. — AFP pic
Tuesday, 14 Apr 2026 2:01 PM MYT
WASHINGTON, April 14 — The head of the French energy giant TotalEnergies said Monday that reopening the Strait of Hormuz — even with a toll — was critical for global markets.
“It’s clear that reopening and the free circulation through the Strait of Hormuz, even if you have to pay to anybody, is fundamental for the freedom of markets and global markets,” Patrick Pouyanne, the company’s CEO, said at an event on the sidelines of the IMF and World Bank spring meetings in Washington.
Since the start of the war in the Middle East on February 28, shipping across the strait — through which some 20 percent of the world’s oil and gas is transported — has been largely paralyzed.
On Monday, US President Donald Trump further ordered a naval blockade of Iranian ports — another obstacle for passage through the strait.
This move will add a “layer of less liquidity in the market,” Pouyanne said at the Semafor World Economy Conference.
The energy CEO said that Western countries had largely been buffered from the worst economic effects of the war through their stockpiles of oil and gas.
He warned, however, that “if this war and this blockade last more than three months, we’ll begin to face some serious supply issues,” notably in jet fuel and diesel.
He also pointed to fertiliser — derived from petroleum products — being “almost a system risk,” as shortages could lead to higher food prices and thus inflation.
Pouyanne noted that fees are paid by ships transiting the Panama and Suez canals.
“The real problem is the threat” of sudden closure of the Strait of Hormuz, he said, explaining that the uncertainty will drive up prices. — AFP
Wow.. in future all Geographical chokepoints could provide muiti-multi billion dollar windfalls for littoral states.
ReplyDeleteStraits of Hormuz , Malacca, Lombok , Dover , West Phillipines Sea,
Time to Gasak Kau Kau
Errrr, who attacked who?
ReplyDeleteThe Iranian ambassador to the UN:
“We demand compensation from Bahrain, Saudi Arabia, Qatar, the United Arab Emirates, and Jordan for their participation in the war against Iran.”
This is just getting so farcical now. Iran wants compensation from the countries it attacked and fired missiles at. It’s just hilarious.
https://x.com/MorEdge_Insight/status/2043854077348450425?s=20
When a certain "important figure" was portrayed in a cartoon, many people got angry, "blasphemy" they shouted. Many defended the cartoon, said it was "free speech". But when 47 portrays another "important figure" in an AI image, the same people condemn it, "blasphemy" they now say, "free speech" does not apply. Very Aneh.
ReplyDelete