Andy Buchanan | AFP | Getty Images
Patrick Pouyanne, Chairman and CEO of French energy company Total visits the Shetland Gas Plant on May 16, 2016, in the Shetland Islands.
Patrick Pouyanne, chief executive of oil giant Total, told CNBC Wednesday that international oil markets were rebalancing thanks to the “historic” oil deal between OPEC and non-OPEC producers.
“Frankly this discipline has worked,” Pouyanne said at the World Economic Forum in Davos, Switzerland. “But let’s be clear. I think the market has also reacted, it’s because of demand,” he said.
Oil prices have risen steadily in recent months following a deal between OPEC and non-OPEC producers, including Russia, to curb oil output and thus boost prices. The strategy has worked with prices edging up toward the $70 a barrel level for Brent crude futures.
On Wednesday, West Texas Intermediate (WTI) futures hit $65 per barrel for the first time since December 2014. The high came after U.S. government data showed the 10th straight weekly drop in U.S. stockpiles of crude oil.
Pouyanne said the deal between OPEC and Russia was historic but said oil companies like his were “selfish” and didn’t like output curbs.
“Companies like us are all selfish and we don’t want to have a reduction of our production,” he said.
