29.04.2016 - Oil market to face lack of supply in 3 years: Total CEO
The global oil market will face a lack of supply in three years' time due to expenditure cuts and postponements in mega projects, Patrick Pouyanne, chairman of the Board and CEO of French oil giant Total said. Speaking at 2016 Columbia Global Energy Summit, Pouyanne talked about the difficulties that oil companies are facing under low oil prices. "Fifteen days after I became the CEO of Total, oil prices collapsed ... and we lost $10 billion in cash flows in two months," he said. "Due to the huge drop in oil prices, most of the players had to squeeze their cash flows and investments," he added...............................................Full Article: Source
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