TotalEnergies expects the oil market to be oversupplied

According to TotalEnergies, the gradual return to production levels close to nominal production capacity decided by the OPEC+ producer countries and weak demand will lead to oversupply in the oil market. TotalEnergies expects oil prices to fluctuate between 60 and 70 dollars a barrel in the coming months. TotalEnergies announced sharply lower quarterly results (-30%) in the second quarter.