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Russian Sanctions Create Grey Oil Market: Total CEO

OIL

Western |sanctions against Russia are creating a parallel or “grey” oil market, TotalEnergies CEO Patrick Pouyanne said.

  • "We had a relatively transparent, well-functioning global oil market…I understand the political objective, but I don't think we have fully appreciated the consequences," Pouyanne said.
  • "There is no longer a unified oil market...with all these bans, we are creating a grey market for oil," he said.
  • Russia would be without a doubt capable of selling its products elsewhere, he added.
  • "The weapon Russia has, is to reduce volumes, and raise prices," he said.

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