Why are Middle East oil producers described as 'desperate to sell' their crude oil stocks, according to Total CEO Patrick Pouyanné?

According to TotalEnergies SE CEO Patrick Pouyanné, Middle East oil producers have built up 'such large inventories' of crude oil during the recent Persian Gulf conflict that they are now 'desperate to sell their oil'; this oversupply has led them to heavily discount their crude, contributing to collapsing oil prices despite Brent crude trading at around $72 per barrel.

What is the main reason gasoline and diesel inventories remain constrained, even as crude oil stockpiles surge in the Middle East?

Gasoline and diesel inventories remain constrained because 'many shipowners are still unwilling to take the risk' of sending tankers through the Strait of Hormuz, causing shipping difficulties that prevent the timely movement of refined products — a situation Pouyanné linked directly to ongoing market imbalances and elevated fuel prices.

Total CEO Sees Middle East Producers Desperate to Sell Oil Stocks

Jul 4, 2026

TotalEnergies CEO Patrick Pouyanné stated that Middle East producers are eager to sell crude stockpiles due to shipping constraints through the Strait of Hormuz. He predicts the market will take three to four months to rebalance despite discounted crude prices.

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Total CEO Sees Middle East Producers Desperate to Sell Oil Stocks

Total CEO Sees Middle East Producers Desperate to Sell Oil Stocks

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