London — Oil production from producers outside of the Organisation of Petroleum Exporting Countries (OPEC) will start to decline if oil prices fall to $60 per barrel, TotalEnergies CEO Patrick Pouyanne said on Tuesday.
“There is a point at $60 per barrel where we’ll see the shale industry beginning to slow down,” he said on the sidelines of a conference in London.
“Our view is that from mid-2026 non-OPEC supply will be much lower, no growth, and then OPEC will be regaining control of the market.”
Reporting by Shadia Nasralla, writing by Robert Harvey; Editing by Kirsten Donovan – Reuters
