Sharp oil price rise bad for everyone: Total CEO
The sharp rise in oil prices, driven by supply and demand issues, is bad for everyone.
By Agencies |
DOHA: The sharp rise in oil prices, driven by supply and demand issues, is bad for everyone, French oil major Total's CEO said on Monday.
"There is a problem of supply and demand and this is why the price is high, even if it is exaggerated by speculation," Total Chief Executive Christophe de Margerie told reporters on the sidelines of an energy event in the Qatari capital.
"Definitely we don't see it as good news, not for producing countries, companies or consumers. It is going too fast." He also said the company expected no decision on Iran's South Pars gas field in the short-term and Total was interested in the country "in the long term."
His comments came after Royal Dutch Shell announced on Saturday it had pulled out of the planned gas project in Iran, after coming under pressure not to participate from US lawmakers who were concerned about Iran's nuclear programme.
"There is a problem of supply and demand and this is why the price is high, even if it is exaggerated by speculation," Total Chief Executive Christophe de Margerie told reporters on the sidelines of an energy event in the Qatari capital.
"Definitely we don't see it as good news, not for producing countries, companies or consumers. It is going too fast." He also said the company expected no decision on Iran's South Pars gas field in the short-term and Total was interested in the country "in the long term."
His comments came after Royal Dutch Shell announced on Saturday it had pulled out of the planned gas project in Iran, after coming under pressure not to participate from US lawmakers who were concerned about Iran's nuclear programme.
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