TotalEnergies CEO: I have never seen such high refining profit margins

Golden Ten Data reported on March 25, citing CNBC, that TotalEnergies CEO Patrick Pouyanné stated that as the Iran war has lasted for nearly a month, about 15% of TotalEnergies’ total output is currently offline. However, the surge in oil prices has compensated for the losses caused by the shutdowns. With Brent crude prices holding firmly above $100 per barrel, most attention has been focused on oil prices, but Pouyanné indicated the crisis has had a much greater impact on product prices. He said: “The Brent crude market situation is manageable, but the product market that directly affects customers… prices there are much higher than Brent crude.” He also noted that the world has never experienced refining profit margins like those at present. As a key player in the global liquefied natural gas market, and thanks to its diversified global business portfolio, TotalEnergies is able to fulfill current orders, but if the war continues, European natural gas prices may surge to $40 per million British thermal units this summer.