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Total Energies: Middle Eastern Oil Sales at Discounts
Patrick Boyan, CEO of Total Energies, stated that oil producers in the Middle East are rushing to sell large quantities of stored oil due to challenges stemming from Gulf conflicts, offering significant discounts on prices. According to him, gasoline and diesel prices continue to trade at levels reflecting crude prices between $95 and $100 per barrel, despite Brent crude having fallen to around $72. He expects the market to take three to four months to regain its balance. He also pointed out that the huge stockpiles of oil accumulated by producers, along with ship owners' hesitance to pass through the Strait of Hormuz, have contributed to pressure on global oil prices.
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