TotalEnergies (TTE FP) CEO says about 10mln BPD going through Hormuz

The premise embedded here, that the market adapts to a structurally lower transit capacity rather than a full restoration, is the distinction that has mattered in past Gulf chokepoint episodes, where pricing regimes split sharply between short closures, which tended to be retraced once tanker flows resumed, and prolonged partial disruptions, which embedded a risk premium into the crude curve and, on the gas side, into spot LNG benchmarks given how much Qatari and regional supply transits the same waterway. The gas price observation is notable for its direction of travel rather than its level; integrated majors' CEOs have a track record of talking scenarios rather than forecasts, and such comments have historically flagged management's own hedging and trading assumptions more than any house view. Freight rates, war-risk insurance premia and tanker diversions are the transmission channels that have typically confirmed or contradicted this kind of commentary in prior episodes, alongside the Brent-Dubai spread and prompt timespreads as the cleanest read on physical tightness. Follow-ons worth noting are whether other producers and shippers corroborate the flow estimate, and whether official bodies or naval authorities characterise the disruption as temporary or open-ended.