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TotalEnergies: Trade will not return to previous model even if Strait of Hormuz reopens

28 May 2026 14:12 (UTC +04:00)

France’s TotalEnergies has announced its readiness to invest in the creation of infrastructure for transporting oil from Middle Eastern countries located in the Persian Gulf bypassing the Strait of Hormuz, the company’s CEO Patrick Pouyanne said in an interview with Le Figaro newspaper.

According to him, the world is currently facing the problem of a physical oil shortage and limited capacity to increase production, as the main production capacities are concentrated in Saudi Arabia, Kuwait, and the United Arab Emirates. World leaders should acknowledge the lack of sufficient reserves outside the Organization of the Petroleum Exporting Countries (OPEC) countries in the Persian Gulf.

Patrick Pouyanne also stated that even if the blockade of the Strait of Hormuz is lifted in the future, trade will not be able to return to its previous model.

Against this background, he believes that countries producing oil and petroleum products should seriously consider strengthening logistics chains in the region.

Emil Ismayilov

TotalEnergies Patrick Pouyanne Strait of Hormuz Persian Gulf oil transport Middle East OPEC Saudi Arabia Kuwait United Arab Emirates energy infrastructure logistics chains Le Figaro