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Total CEO: The oil market underestimates the impact of sanctions on Russia, and the actual effects have already emerged.
Jin10 News on October 30, the head of Europe’s largest refiner stated that the oil market has underestimated the impact of the latest round of Western sanctions against Russia, which have begun to affect oil flows. TotalEnergies CEO Patrick Pouyanné said, “I am more optimistic than the view we wrote down a few days ago because I am starting to realize that these sanctions will have a real impact on the market. I believe the market has underestimated their impact.” Pouyanné stated that countries are seeking to readjust transport routes and are trying to move more expensive crude oil and refined products to different parts of the world, which has driven up premiums. He said, “We are starting to see the real impact of these latest sanctions on Russia in the market.”