Due to the significant reduction in the price of oil, Total has produced less and is having to strengthen its savings plan in recent months. On Tuesday (5), the French group announced announced a 99% drop in net income in the first quarter.
In the same period in 2019, the company's net income was $3.1 billion. Already this year, only $34 million has been accounted for.
Total President Patrick Pouyanné commented on the picture: "The group faces totally exceptional circumstances: the COVID-19 health crisis that affects the world economy and creates great uncertainty and the oil market crisis with the price falling sharply since March."