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Tue 8 Dec 2015 11:35 AM

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“I am not very optimistic for 2016,” Total boss says in Doha

CEO of French multinational oil and gas conglomerate also ruled out ruled out any job losses

“I am not very optimistic for 2016,” Total boss says in Doha
French oil giant Total chief executive officer Patrick Pouyanne. (Getty Images)

Oil prices are not expected to rise next year because demand will continue to be lower than supply, Patrick Pouyanne, CEO of French multinational oil and gas conglomerate Total, opined on the sidelines of the International Petroleum Technology Conference (IPTC) in Doha.

“Having said that I don’t know if the price will be at $40, $45, $50, $60 per barrel,” he was quoted as saying by Arab News. “In 2016 the growth of capacity will still be larger than the growth of demand. I am not very optimistic for 2016, beyond that it is difficult to know.”

Among 5,000 oil and gas professionals attending the conference, Pouyanne ruled out any job losses in the near future.

“My job is to be sure that we can make profits whatever the price is,” he said.

“The good answer which we are working on in Total is to lower the break-even,” he said, adding that the objective is to break even at $60 per barrel in 2017.

The 9th International Petroleum Technology Conference (IPTC) is being held at the Qatar National Convention Centre in Doha from 6 to 9 December 2015 under the theme “Technology and Partnerships for a Sustainable Energy Future.”

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