TotalEnergies, penalized by the fall in crude oil prices, is entering a period of uncertainty.

Like other oil majors in the United States and Europe, TotalEnergies has been facing an unforeseen difficulty since early April. The French company is caught in a vice. On the one hand, announcements from OPEC (the Organization of the Petroleum Exporting Countries), particularly Saudi Arabia, which suddenly wants to produce more. On the other, those of American President Donald Trump, who is threatening to cripple the global economy with various tariffs.

With markets anticipating a surplus of supply over demand, oil prices are now at their lowest level in four years. On Friday afternoon, May 23, this new situation will be on everyone's minds at the group's annual general meeting in La Défense (Hauts-de-Seine).

From May 19 to 23, the price of a barrel of Brent crude, the European benchmark, hovered around $65 (approximately €58). This is much lower than in the first quarter (an average of nearly $76), let alone for the entire 2024 fiscal year (nearly $81).

For 2025, TotalEnergies had built its forecasts based on the assumption of an average price of $70. But each variation can weigh heavily: $5 less would mean $1.4 billion removed from its cash flow. Because it is still to oil and gas, two fossil fuels responsible for climate change, that the group owes the majority of its revenues. Even if, on Thursday, May 22, on the eve of the AGM, it was instead communicating about the inauguration of its "largest solar field in Europe," near Seville, Spain.

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