Total CEO: The cost of freight and insurance for a single voyage (including return) through the Strait of Hormuz for a Very Large Crude Carrier (VLCC) is approximately $20 million. With oil-producing countries “eager to find buyers,” Total Energy is

2026-08-24

Total CEO: The cost of freight and insurance for a single voyage (including return) through the Strait of Hormuz for a Very Large Crude Carrier (VLCC) is approximately $20 million. With oil-producing countries “eager to find buyers,” Total Energy is purchasing crude oil within the Persian Gulf at around $50 to $60 per barrel, a process that remains profitable.