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Total CEO Sees Mideast Producers Desperate to Sell Oil Stocks

Total CEO Sees Mideast Producers Desperate to Sell Oil Stocks
Bloomberg Markets Saturday 04 July 2026, 09:49 UTC By Francois de Beaupuy 1 min read
Key Points

Total CEO Sees Mideast Producers Desperate to Sell Oil Stocks Middle East oil producers are desperate to sell crude stockpiled during the recent Persian Gulf conflict, but gasoline and diesel inventories remain constrained due to shipping worries, TotalEnergies SE Chief Executive Patrick Pouyanné said. Gasoline and diesel are still trading at levels as if crude oil were at $95 to $100 a barrel, Pouyanné said at the Rencontres Economiques conference in Aix-en-Provence. It will take three to...

Total CEO Sees Mideast Producers Desperate to Sell Oil Stocks Middle East oil producers are desperate to sell crude stockpiled during the recent Persian Gulf conflict, but gasoline and diesel inventories remain constrained due to shipping worries, TotalEnergies SE Chief Executive Patrick Pouyanné said. Gasoline and diesel are still trading at levels as if crude oil were at $95 to $100 a barrel, Pouyanné said at the Rencontres Economiques conference in Aix-en-Provence. It will take three to four months for the market to rebalance, he added. Brent crude traded on Friday at around $72 per barrel.
Middle East (LOCATION) Persian Gulf (LOCATION) TotalEnergies SE (ORG) Patrick Pouyanné (PERSON) Pouyanné (PERSON) Rencontres (PERSON) Aix-en-Provence (LOCATION) Brent (PERSON)
Originally published by Bloomberg Markets Read original →

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