Oil prices could grow to $80 a barrel in the medium term, Total’s President of Exploration and Production Arnaud Breuillac said today.
"We expect oil prices to rise to $80 in the medium term. The current price is too low from our standpoint," Tass cited him as saying.
However, Breuillac made no forecast about the oil price dynamics in the short run. The company is unaware whether oil prices can drop further or remain low in several months or the longer period, he said.
In addition, Breuillac said that the current price dynamics have not forced the French company to freeze or abandon any major projects. The company is slowing down investments in oil fields and infrastructure, leaving major projects unaffected, he added.
