TotalEnergies CEO Forecasts Three to Four Months for Oil Market Stabilization After Iran Conflict (eco.sapo.pt)

• Patrick Pouyanné (TotalEnergies) expects 3-4 months for oil market stabilization.
• Gulf producers hold large crude reserves from Iran conflict export halt.
• Some shipowners avoid Strait of Hormuz due to persistent tensions.
• Shortage of petroleum products in consumer markets; consumer prices at 95-100 EUR/barrel.
• Pouyanné defends fossil fuels as necessary for energy security during heatwaves.

"TotalEnergies CEO Patrick Pouyanné said the oil market will take three to four months to stabilize despite the partial reopening of the Strait of Hormuz after the Iran conflict. Gulf producers accumulated large crude reserves that could not be exported. Some shipowners are still unwilling to cross the strait due to persistent tensions. A shortage of petroleum products exists in consumer markets, and consumer prices are at 95-100 euros per barrel equivalent, while Brent crude closed near $72."