The profitability of Total's operations hit rock bottom in the second quarter, as the French oil major grappled with “exceptional circumstances” arising from the Covid-19 pandemic that crashed oil prices and scythed 96% off the company's adjusted net income. On top of that, Total booked asset write-downs of USD 8.1 billion after reducing its near-term oil price forecasts, but is now banking on an imminent supply shortfall that could see Brent recover to USD 60/barrel as soon as 2023.
展开▼
