Total Says Geopolitics Hurting Crude Supply

October 18, 2019

© STOCKSTUDIO / Adobe Stock
© STOCKSTUDIO / Adobe Stock

Oil markets have lost 2 million barrels per day (bpd) of crude supply this year due to geopolitical issues, a senior executive at French oil and energy group Total said on Friday at a conference.

The geopolitical issues that led to the crude supply loss include U.S. sanctions on Venezuela and Iran, and supply disruptions in Saudi Arabia and Libya, said Thomas Waymel, the company's president of trading and shipping.

Oil markets are more concerned with weak demand than tightening supply, he added.


(Reporting by Shivani Singh, Muyu Xu and Beijing Newsroom; Editing by Christian Schmollinger)



Current News

Wintermar Charters PSV Duo in Indonesia

Wintermar Charters PSV Duo in Indonesia

Gas Explosion Kills 7 in Bangladesh

Asia Pacific’s Decarbonization Bill to Hit $3.5 Trillion in 2040

Asia Pacific’s Decarbonization Bill to Hit $3.5 Trillion in 2040

China Expects Balanced Energy Supply/Demand

China Expects Balanced Energy Supply/Demand

India to Invite Foreign Investment in State-owned Oil Companies

India to Invite Foreign Investment in State-owned Oil Companies

Southeast Asia Bullish on OFS Market

Southeast Asia Bullish on OFS Market

BMT Delivers Real Time Monitoring for Helang FPSO

BMT Delivers Real Time Monitoring for Helang FPSO

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week