October 16, 2018 / 8:53 AM / a month ago

Total CEO sees lower demand, higher supply of crude in 2019

FILE PHOTO: Patrick Pouyanne, Chairman of the Board and Chief Executive Officer of Total, attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin

NEW DELHI (Reuters) - Demand for crude oil will be lower in 2019 and supply higher, the chief executive of French oil and gas group Total (TOTF.PA) said on Tuesday.

Higher oil prices and a strengthening dollar will affect demand for crude, Chief Executive Patrick Pouyanne told reporters on the sidelines of the IHS CERA conference.

Crude prices could come down once pipeline infrastructure is ready in the United States, Pouyanne said, adding that geopolitics was “putting more pressure on the oil markets.”

Reporting by Nidhi Verma and Promit Mukherjee; Writing by Sudarshan Varadhan; editing by Richard Pullin

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