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Total CEO sees oil staying at low levels in H1 2015 -French TV

Reuters
Patrick Pouyanne, Chief Executive Officer of French oil major Total in Paris, January 7, 2015. REUTERS/Philippe Wojazer

PARIS (Reuters) - The price of oil will likely remain at a low level throughout the first half of this year, the chief executive of French oil major Total (TOTF.PA) told France 2 television in an interview at the Davos World Economic Forum on Wednesday.

"The real unknown regarding the subject of the oil price is how long it will last," Patrick Pouyanne said. "Frankly, I think it will remain at low levels for the first half of 2015.

"After that, we'll see, it depends on lots of factors. Notably, how will a certain number of major producer countries behave.

"But, if it lasts, it is indeed good for the economy ... If it lasts, that means demand for oil products will rise, so at some point, the price of oil will rise again."

The price of oil has dropped 60 percent since June and U.S. crude is now trading just below $47 a barrel (CLc1).

(Reporting by James Regan; Editing by Andrew Callus)