Weak euro will hurt drivers at the pump: Total CEO
(BRUSSELS) - A weakening euro will increase prices for drivers at the fuel pump, Total's chief executive said in a newspaper interview Thursday while defending the French oil giant's rising profits.
Christophe de Margerie told Belgium's La Libre Belgique that he expected the price of a barrel of oil, which is traded in dollars, to remain around $100-120 (78-93 euros), with "weak" chances of dropping under $100 this year.
"While everybody rejoices about the weakening of the euro, which benefits external trade, we forget that the oil bill rises. I am sorry for our clients, but that's how it is," Margerie said.
"We are importers, and in a time of crisis and weakening of the euro this can hurt a lot," he said, adding that the price at the pump includes the cost of refining and transporting oil.
Total posted net profits of 3.31 billion euros in the third quarter of 2011, a 17 percent increase.
Margerie forecast higher profits this year and defended the company's healthy margin.
"Making profits in these times, it's great! We should welcome it rather than disparage it," he said. "Without profits, there are no funds and no investments."
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