TotalEnergies CEO bullish on oil price despite slowing Chinese demand

China's oil demand is slowing down, but India's rising

The CEO of Total stresses the need to continue investing in upstream

Company says it can survive oil prices as low as $50 per barrel

By America Hernandez and Yousef SABA

ABU DHABI/PARIS - TotalEnergies CEO Patrick Pouyanne stated on Monday that the growth of Chinese oil demand has slowed as China transitions to a greener energy. He said, however, he remained optimistic in the long term due to increasing demand in India.

Pouyanne stated that "you have a steady increase in oil demand but something has changed over the past three or four year: the Chinese engine, which was very strong between 2000 and 2025, is now the main driver of growth." "That engine is no longer as strong."

They are moving towards a situation where they will need less oil and become less dependent on oil.

The CEO of Abu Dhabi's International Petroleum Exhibition and Conference told the annual International Petroleum Exhibition and Conference that China had reduced its oil demand from 600,000 barrels a day to around 300,000 today.

Pouyanne said, "But other countries, like India, are moving towards a manufacturing economy and their demand is growing by 200,000 barrels. So I'm not concerned."

The French oil giant currently plans to increase upstream oil production by 3% per year, mainly from projects with a low breakeven point to be able weather fluctuations in oil prices as a possible supply glut threatens the push Brent crude below $65 a barrel in 2026.

Pouyanne explained that the job of an oil company was not just to rely on high oil prices, but to also be able capture the upside in times of good price and be resilient during low price periods.

My company's breakeven before dividend is less than $30 per barrel and after-dividend, lower than $50. I am safe." Reporting by America Hernandez, Paris; Editing and production by Louise Heavens & Jan Harvey

(source: Reuters)