total boss rules out oil price recovery in 2016
Last Updated : GMT 22:50:36
Arab Today, arab today
Arab Today, arab today

Total boss rules out oil price recovery in 2016

Arab Today, arab today

Arab Today, arab today Total boss rules out oil price recovery in 2016

Oil prices have nosedived by more than 60% in the last 18 months
Doha - AFP

Oil prices are not expected to rise next year, the head of French energy giant Total told reporters in Qatar on Monday.
"We don't anticipate a recovery in 2016," Total CEO Patrick Pouyanne said on the sidelines of the International Petroleum Technology Conference (IPTC) in Doha.

"Having said that I don't know if the price will be at 40, 45, 50, 60" dollars per barrel, he added.

"In 2016 the growth of capacity will still be larger than the growth of demand.

"I am not very optimistic for 2016, beyond that it is difficult to know."

Oil prices have nosedived by more than 60 percent in the last 18 months, with the world's largest oil producing nations defying calls to reduce output.

Crude prices fell heavily on Friday as West Texas Intermediate sank 1.0 percent and Brent lost 1.9.

However, Pouyanne added that Total had budgeted to meet the continued lower oil prices and ruled out any job losses in the near future.

"My job is to be sure that we can make profits whatever the price is," he told AFP.

"The good answer which we are working on in Total is to lower the break-even," he said, adding that the objective is to break even at $60 per barrel in 2017.

Pouyanne added that he was not surprised by OPEC's decision last week against slashing high output levels.

He added that he expected "non-OPEC supply" to contract next year.

"Non-OPEC supply will contract because US supply will contract from the middle of next year. From mid-2016 we should begin to see a contraction of US production," he said.

Pouyanne is one of several big names from the oil industry attending the conference, including the CEO of Shell, Ben Van Beurden and Amin Nasser, the president and CEO of Saudi Aramco.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

total boss rules out oil price recovery in 2016 total boss rules out oil price recovery in 2016

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

total boss rules out oil price recovery in 2016 total boss rules out oil price recovery in 2016

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday