Total General Director Says Euro Must Play Larger Role in Oil Export

July 8, 2014

Total general director Christophe de Margerie said he believes the Euro should play a larger part in the global hydrocarbon trade.

De Margeri said the dollar occupies too large a niche in the global oil and gas transactions. In his opinion, the fact that prices of the world’s leading oil brands have been fixed in dollars per barrel does not justify the exclusive use of dollars in global transactions. He added that there is no valid reasons to make payments for hydrocarbons in the U.S. national currency.

The head of Total stressed that although the US dollar could not be completely excluded from international transactions, Euro would win if used more extensively.

Total, the French oil and gas company, is the world’s fourth largest hydrocarbon producer. Its production of oil and gas amounts to 2.6 million BOE per day (almost 130 million tons per year).

Copyright, Pronedra, 2014.