Total CEO: Saudi Arabia Created Temporary Oil Oversupply

Published on Monday, 11 Jun 10:53 am

Total Chairman and CEO Christophe de Margerie said he expects OPEC to avert a slide in oil prices during OPEC’s ministerial meeting next week, underscoring concern about a sharp drop in crude prices (Dow Jones Newswire).With Europe facing a major economic crisis that threatens to engulf the euro, and with the latest data casting doubt on the strength of the US economic recovery, it is unlikely that OPEC will announce any plans to cut production to boost crude oil prices, Mr de Margerie said.

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