TotalEnergies CEO Reports 15% Production Offline Amid Surging Oil Prices Above $100

AI Summary

TotalEnergies reports approximately 15% of its production is offline due to the ongoing conflict in Iran. Brent crude prices are trading above $100 per barrel, affecting product prices significantly. The CEO noted refining margins for products such as Asian jet fuel are at unprecedented levels. Additionally, the ongoing war has led to expectations of natural gas prices in Europe potentially reaching $40 per million British thermal units (MMBtu) this summer, driven by high demand and supply disruptions. TotalEnergies is shifting investments in the U.S. energy market following a deal with the Trump administration to stop offshore wind projects in exchange for $1 billion in projects focused on oil and gas.