Oil prices could fall again on U.S. shale influx, Total CEO says

|By:, SA News Editor

Total (TOT +1.1%) CEO Patrick Pouyanne says oil prices could fall again by year-end because of a rapid increase in U.S. shale production.

Pouyanne thinks the OPEC production agreement is working well and will be extended, "but in simple terms, the short-term effect on the markets is not immediate because stocks are extremely high."

Another 18-24 months, rather than six months, will be needed for demand to outstrip supply, the CEO says.