Increased U.S. crude exports will plunge oil prices – Total CEO

Increased U.S. crude exports will plunge oil prices - Total CEO

Patrick Pouyanné, CEO of TOTAL SA. PHOTO CREDIT: Reuters

The Chief Executive Officer of Total SA, Patrick Pouyanné, on Wednesday said crude oil prices will fall towards the of the year due to increased United States crude exports, among other factors.

Pouyanné explained that most of the crude produced in the U.S., are not being exported as a result pipelines bottlenecks.

“These are being constructed, and when it will be done at the end of the year, there will be an influx of U.S. crude in the market. This will drag prices lower towards the end of the year,” Pouyanné told France’s BFM Business TV on the sidelines of the World Economic Forum in Davos.

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