Lates News

According to CNBC, TotalEnergies CEO Patrick Pouyann stated that around 15% of the company's total production is currently offline as the war in Iran has been ongoing for nearly a month. However, the spike in oil prices has more than compensated for the losses caused by the production halt. With Brent crude prices holding steady above $100 per barrel, most attention has been focused on oil prices, but Pouyann noted that the impact of the crisis on product prices is much greater. He said, "While the Brent crude market is fine, the market for the products that directly affect consumers... their prices are much higher than Brent crude prices." He also stated that the global refining profit levels are currently unprecedented. As a major player in the global liquefied natural gas market, TotalEnergies is able to fulfill current orders with its diverse global business portfolio. However, if the war continues, natural gas prices in Europe this summer could spike to $40 per million British thermal units.