TotalEnergies CEO Says Growing Demand Will Underpin Oil Prices
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000TotalEnergies SE Chief Executive Officer Patrick Pouyanne said rising demand for oil will help to underpin prices, despite their slump this week on growing concerns about a global surplus.Oil is on track for a yearly loss, with supply set to exceed demand both this year and next thanks to growth in production from the Organization of the Petroleum Exporting Countries and a host of non-member nations in the Americas. On Tuesday, Brent crude, the global benchmark, dropped below $60 a barrel for the first time since May.
West Texas Intermediate is trading near levels last seen in 2021.