TotalEnergies says profitably moving heavily discounted oil through Strait of Hormuz

TotalEnergies CEO Patrick Pouyanne stated the company is profitably transporting heavily discounted Iraqi and Qatari crude through the Strait of Hormuz, offsetting ~$10/bbl freight costs with steep discounts. However, high surcharges for refined products have halted exports, causing product shortages and bullish prices. To mitigate risks exposed by regional conflict, TotalEnergies plans investments in UAE's Fujairah pipeline expansion and a new Iraqi-Syrian-Mediterranean route to bypass the strait.