opec needs to prolong cuts to eliminate surplus
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Opec needs to prolong cuts to eliminate surplus

Arab Today, arab today

Arab Today, arab today Opec needs to prolong cuts to eliminate surplus

Total Chief Executive Officer Patrick Pouyanne.
New York - Arab Today

Opec and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total Chief Executive Officer Patrick Pouyanne.

"If they want really to have an impact on the market, which means to have the inventories going down because inventories are quite high, it will have to be extended beyond May,” Pouyanne said on Tuesday in a Bloomberg television interview in New York. "I’m convinced that they will do it.” 

The CEO of the French oil and gas company added that he plans to keep lowering its so-called break-even point — the oil price at which cash flow covers spending and dividends — because he’s "not fully convinced” that tough times for the industry are over. Factors including rising US shale oil production and increasing output from Libya may continue to have a negative impact on prices, Pouyanne said.

Oil has held above $50 a barrel since the Organisation of Petroleum Exporting Countries (Opec) and 11 other nations started trimming output from Jan. 1. The exporters group implemented about 90 per cent of the pledged cuts last month and Goldman Sachs Group predicts the market will shift into supply deficit in the first half. At the same time, US crude stockpiles have kept increasing to the highest level in more than three decades and oil drillers are deploying the most rigs since October 2015.

Trade warning

Pouyanne also warned against mounting economic protectionism, especially in developed countries, saying it may lead to disaster. Free trade has helped reduce poverty in emerging markets, he said.

"This trend to have countries around the world thinking that it’s better to be inside their borders” than open to the world "will lead to catastrophe,” Pouyanne said. "Total is in favour of open trade and fair trade.”

His remarks come as the French presidential candidate for the National Front party, Marine Le Pen, is calling for France to increase trade barriers, abandon the common European currency and exit the European Union. She is rising in opinion polls ahead of elections in April and May.

The euro "is a powerful currency” which needs to be kept, the CEO of the France’s largest company by market capitalisation said. Voters’ support for Le Pen and the UK’s decision to leave the European Union are "a question mark for ourselves, the global leaders.”

Trump policies

Rather than set up their own trade barriers, Pouyanne urged the US and Europe to limit their fight against "unfair” Chinese solar industry subsidies to the World Trade Organisation.

Total has a controlling stake in US solar-panel maker SunPower.

He expressed hope that US President Donald Trump will maintain "policies in favour” of renewable energy. He also reiterated that Total will soon announce its decision on whether to develop a new petrochemical unit in Texas that will create jobs, and expand in liquefied natural gas to take advantage of cheap US shale production.

Total said on Feb. 9 that it will increase its dividend by 1.6 per cent give the go-ahead for almost a dozen new projects in the next 18 months in countries including the US, Brazil and Iran, as it benefits from cost cuts and higher oil prices.

Regarding Iran, where Total has signed a pre-agreement to develop a gas field, Pouyanne said he was encouraged by recent comments from US Defence Secretary James Mattis. The French company will sign the contract if Iran respects the international nuclear treaty and if the US sticks to it, he said.

Source :Times Of Oman

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*

opec needs to prolong cuts to eliminate surplus opec needs to prolong cuts to eliminate surplus

 



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*

opec needs to prolong cuts to eliminate surplus opec needs to prolong cuts to eliminate surplus

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 16:56 2017 Sunday ,01 October

E-commerce site Noon.com finally goes live

GMT 00:46 2018 Saturday ,06 January

Rashid Equestrian,Horse Racing Club holds 10 race

GMT 15:41 2015 Sunday ,05 April

Hiba Tawaji moves to next level in 'The Voice'

GMT 14:02 2016 Monday ,19 December

OUI reveals UK franchise plans for 2017

GMT 00:03 2016 Thursday ,08 December

India Launches Remote Sensing Satellite RESOURCESAT-2A

GMT 12:55 2016 Friday ,05 August

For Sheikh Mansour Festival

GMT 13:50 2016 Wednesday ,10 August

Russia says foiled Crimea 'terrorist attacks' by Kiev

GMT 06:37 2017 Tuesday ,28 February

Ghada Abdel Raziq says “Land Air” is different

GMT 15:28 2017 Friday ,17 November

Bombardier wins up to $2.2 bn CSeries orders

GMT 12:47 2017 Saturday ,16 September

Lady Gaga hospitalized, pulls out of Brazil's Rock in Rio

GMT 17:24 2018 Saturday ,13 October

Deir Ezzor radio back on air after Seven year pause

GMT 07:57 2014 Friday ,27 June

School in Albania to bear Kuwait's name

GMT 21:10 2017 Friday ,15 September

Gulf airlines watch Open Skies turn to empty skies

GMT 19:45 2017 Wednesday ,18 January

The UAE Releases Global State of the Future Report

GMT 14:22 2016 Sunday ,07 August

Olympics: Records fall as Games start with a bang

GMT 06:09 2017 Saturday ,11 November

Federer, Nadal urge caution over rule changes

GMT 12:18 2016 Saturday ,19 November

Australia clash a step up for France

GMT 05:31 2017 Thursday ,09 February

Furyk adjusts selection criteria for US Ryder Cup team
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday