Total CEO: Iran Conflict Halts 15% of Production, Oil Prices Offset Losses

TotalEnergies CEO Patrick Pouyanné has reported that approximately 15% of the company's total production is currently halted due to the ongoing conflict in Iran, which has persisted for nearly a month. According to Jin10, despite this disruption, the surge in oil prices has compensated for the production losses. Brent crude prices have remained above $100 per barrel, drawing significant attention to oil prices. However, Pouyanné emphasized that the crisis has had a more substantial impact on product prices, which are significantly higher than Brent crude prices. He noted that the current refining profit levels are unprecedented globally. As a major player in the global liquefied natural gas market, TotalEnergies, with its diversified global business portfolio, is able to fulfill current orders. However, if the conflict continues, natural gas prices in Europe could soar to $40 per million British thermal units this summer.