Total chief executive Patrick Pouyanne sees no recovery for oil price in 2016 | The National

Total chief executive Patrick Pouyanne sees no recovery for oil price in 2016 | The National:

"Total chief executive Patrick Pouyanne said on Monday that he does not expect pressure on oil prices after Opec’s decision on Friday not to impose a ceiling on crude output and keep production at high levels.

“Opec’s decision was expected by the market,” he told reporters in Qatar.

Opec failed to agree on a new output quota on Friday, allowing member countries to continue pumping more than 31 million barrels per day of oil, further swelling a glut that has lowered prices."



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