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Total expects oil price rise to $80 in mid-term

February 04, 2015, 13:08 UTC+3 BERLIN

The current price is too low from the French oil company’s standpoint

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© AP Photo/Jacques Brinon

BERLIN, February 4. /TASS/. Oil prices can grow to $80 a barrel in the mid-term, Total’s President of Exploration and Production Arnaud Breuillac said on Wednesday.

He added the current price is too low from the French oil company’s standpoint.

Breuillac made no forecast on 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.

The current price dynamics have not forced the French company to freeze or abandon any major projects, Total’s representative said.

The company is slowing down investments into the Brownfields or infrastructure leaving major projects unaffected, he added.

Infographics Oil prices over 30 years

Oil prices over 30 years

Year-average inflation-adjusted oil price. Infographics by TASS

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