Financial news

Total says 2 million bpd of crude supply off market due to geopolitics

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Via Yahoo Finance

Zhoushan, CHINA (Reuters) – Oil markets have lost 2 million barrels per day (bpd) of crude supply this year due to geopolitical issues, a senior executive at French oil and energy group Total said on Friday at a conference.

The geopolitical issues that led to the crude supply loss include U.S. sanctions on Venezuela and Iran, and supply disruptions in Saudi Arabia and Libya, said Thomas Waymel, the company’s president of trading and shipping.

Oil markets are more concerned with weak demand than tightening supply, he added.

(Reporting by Shivani Singh, Muyu Xu and Beijing Newsroom; Editing by Christian Schmollinger)

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