• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 35 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days Once seen as fleeting, a new solar tech proves its lasting power
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day Bloomberg - "Hedge Funds Hit by ‘Onerous’ ESG Rule Turn to Lawyers for Help"
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

TotalEnergies: High Oil Prices Are Here To Stay

  • TotalEnergies CEO Pouyanné: I've no good news to deliver, oil prices will remain high.
  • Continuously growing global oil demand amid muted new investment in production will keep oil prices elevated.
  • Pouyanné's view that oil prices will remain high is shared by a large number of other industry executives, as well as analysts.

International crude oil prices will remain high for a while, according to Patrick Pouyanné, chief executive of French supermajor TotalEnergies.

"I've no good news to deliver, oil prices will remain high," Pouyanné told RTL France radio, commenting on the recent rally in oil prices and the higher energy, power, and gas prices, especially in Europe.  

Continuously growing global oil demand amid muted new investment in production will keep oil prices elevated, according to the CEO of one of the largest oil and gas producing companies in the world.

Speaking to RTL France, Pouyanné announced that as of February 14, TotalEnergies will hand out "gas vouchers" worth $114 (100 euros) to lower-income customers in France to help them with soaring energy bills.

The higher oil prices, currently at $90 a barrel, have added to the energy crisis in Europe, which has seen gas and electricity prices—and customer bills—surge in recent months.

Pouyanné's view that oil prices will remain high is shared by a large number of other industry executives, as well as analysts. 

Oil prices have further room to rise in the coming months, some of them say.

Robust oil demand and the headroom for money managers to expand their long positions in the crude complex, combined with shrinking global spare production capacity and "worrisome" inventory levels, could push oil prices even higher, the world's largest independent oil trader, Vitol Group, says.

$100 oil is in the cards this year, and it could be reached as soon as the second quarter, according to Bank of America. 

Tighter market balances, coupled with shrinking spare production capacity, have made a growing number of investment banks more bullish on oil. Major Wall Street banks, including Goldman Sachs, Bank of America, JP Morgan, and Morgan Stanley, expect prices to hit $100 a barrel as soon as this year. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on February 09 2022 said:
    Is Patrick Pouyanne the chief executive of French supermajor TotalEnergies trying to be coy by saying he has no good news to deliver, oil prices will remain high?

    I thought that he must be thrilled to bits by the rising crude oil prices. After all high prices are the very one factor if not the only one earning his company billions of dollars.

    Still TotalEnergies is showing a charitable side to it by handing out gas vouchers worth $114 (100 euros) to lower-income customers in France to help them with soaring energy bills.

    The global oil market is already in a super-cycle phase that could last ten years and could take Brent crude to $120 a barrel in the next few years. In fact, high oil prices are here to stay well into the future underpinned by both a world population projected to rise from 7.9 billion currently to 9.7 billion by 2050 and a global economy projected to grow from $91 trillion now to $245 trillion by 2050.

    Therefore, notions of a post-oil era and a peak oil demand are mere illusions.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News