Oil collapse wipes out profits at Total | Malay Mail

French oil major Total reported a net profit of US$34 million for the first quarter of 2020. — AFP pic

Oil prices suffered a sharp drop in the first quarter due to overproduction and a price war between Saudi Arabia and Russia, falling to US$50.1 from US$63.1 a year earlier. “The Group is facing exceptional circumstances: The Covid-19 health crisis which is affecting the world economy and creating major uncertainties, and the oil market crisis, with the sharp drop in oil prices since March,” CEO Patrick Pouyanne said in a statement.

Total did, however, decide to pay out an interim dividend of €0.66 per share, the same level as a year earlier.

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