Total Sees $100 Oil Coming, And Says It May Not Be a Good Thing - Bloomberg

Total Sees $100 Oil Coming, And Says It May Not Be a Good Thing - Bloomberg:

Total SA is among a growing chorus that sees $100 oil on the horizon. But the French energy giant isn’t thrilled about it.

Chief Executive Officer Patrick Pouyanne sees supportive elements, such as looming sanctions on Iran and disruptions in Venezuela, that are stripping supply from the market and pushing prices back into triple digits for the first time seen since 2014, he said in a Bloomberg television interview.

“I’m not sure it’s a good news” for the global economy, Pouyanne said. “Even for the oil industry, because you know, when price goes too high then you open the door to your competitors” and demand will fall, he said.