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TotalEnergies CEO Highlights Non-OPEC Supply ion 2024

OIL

TotalEnergies view the Red Sea situation as limited on the energy markets at present but that it is still adding upward price momentum according to its CEO Patrick Pouyanne in an interview with CNBC.

  • “We are more or less stable at around $80/bbl, I think that tensions are clearly supportive of the oil price. In 2024, there will be a good supply coming from non-OPEC countries, the US, Brazil, Guyana.” Pouyanne said.
  • “There are more difficulties for the countries of OPEC+ to control supply.” Pouyanne said.
  • He said that Red Sea risks could push oil higher in the coming weeks.
  • “Going around Africa only adds four more days so has a small impact on transportation but adds a cost nonetheless.” according to Pouyanne.
Energy BulletsCommodities
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