Total CEO, Patrick Pouyanné, estimates that a barrel of crude oil is expected to trade between 40 and 60 dollars in the coming months.
Total CEO not very optimistic on oil prices
Given the situation, he estimates that production will continue to be greater than the demand.
“I think in 2016 we will still see a supply that will show that the markets are always well supplied with growing capabilities. There is an unknown on the pace of increasing demand which was quite strong in 2015. 1.8 million barrels a day – it was the second largest increase in demand the last ten years. “
The CEO of Total was speaking at an International Conference on oil-related technologies held early December in Qatar.
He hoped that the contraction in US supply in mid-2016 will have a positive effect on the market. It should result in the wake of a more general contraction in non-OPEC countries currently contributing to flood the cheap crude oil market.
“My job is to be sure we can make a profit whatever the price. The right response in working with Total is to reduce profitability. Our goal is that in 2017, we get a breakthrough of $ 60 per barrel, which means that at this level, we will have progress in our operations.”
The Organization of producers and exporters of oil indicated at its meeting of December 4 in Vienna that it intended to maintain its production level at 30 million barrels per day.