Total CEO Expects $50-60 Per Barrel of Oil

The CEO of Total said that the global economic recovery from the Coronavirus pandemic may take two years, ruling out that oil prices will remain at their current high level of $70 a barrel.

Patrick Boyan told local media, “I am not betting that prices remain at $70 a barrel. I see the correct price at around 50 or 60 dollars a barrel.”

It is noteworthy that Brent crude futures rose to exceed $70 a barrel today for the first time since the outbreak of the Covid-19 pandemic, while US crude touched its peak in more than two years, following reports of attacks on Saudi oil facilities.