TotalEnergies down in the wake of oil, weighed down by China and Saudi Aramco

TotalEnergies shows the largest drop in the Cac 40 on Monday (1.5%, to 51.14 euros), in a stable market. The action of the oil company, which is changing towards renewable energies, is affected by the sharp decline in oil prices, below 94 dollars for a barrel of Brent.

Two explanations for this. The poor figures presented in China this morning, which suggest a drop in demand for crude from the largest consumer country in the world. Industrial production rose only 3.8% last month, against an expected 4.6% rise, while retail sales rose 2.7%, below the 5% expected. Refinery output fell to 12.53 million barrels per day in China in July, its lowest since March 2020, according to government data.

90% jump in quarterly profit

This Sunday, in addition, the giant Saudi Aramco, on the sidelines of the publication of its quarterly accounts, said it was ready to increase its oil production to its maximum capacity of 12 million barrels per day if the Saudi government requests it. the request.

Saudi Aramco reported a 90% jump in net profit in the second quarter and record half-year results. Over the months of April to June, net profit amounted to 48.4 billion dollars, against 25.5 billion a year earlier. The consensus of analysts was for 46.2 billion. In the first six months of 2022, net profit amounted to 87.9 billion dollars.