Patrick Pouyanne, president of French energy company TotalEnergies, said during a teleconference with investors that there is no longer a single global market. It has been reported TASS.
“I believe the global oil market no longer exists. That’s a big lesson from what happened,” he said.
Pouyanne noted that the world has not yet evaluated the consequences of the formation of a “gray market” for oil supply, which is taking shape due to the current situation in the industry.
“Russian oil is finding a new place in the market – China and India, but when it comes to Russian oil products – where will they be sent? Africa, South America? It’s a secret,” he said.
At the same time, demand for oil continues to rise and supply needs to be secured. According to Pouyanne, OPEC member countries continue to be stable suppliers. It also predicts an increase in US shale oil exports.
However, previously Bloomberg WroteDespite profits at the end of 2022, the future of shale oil companies in the US is uncertain.