TotalEnergies CEO Patrick Pouyanne cautioned French lawmakers on Wednesday that increased liquefied natural gas production in the United States, while beneficial, will not be able to take the place of Qatari LNG supplies for Europe next winter.
Speaking at a hearing before the economic affairs commission focused on the Middle East crisis, Pouyanne emphasized the limits of U.S. LNG capacity as a direct substitute for Qatari exports destined for European markets.
He warned that if Qatari LNG supply does not restart, the decrease in gas prices heading into winter will not be as dramatic as the fall in oil prices.
Pouyanne repeated the urgency of ensuring the resumption of Qatari LNG shipments, saying that without that restart gas prices are unlikely to fall as much as oil prices as winter approaches. His remarks framed Qatari supply as a pivotal factor in the outlook for European gas costs.
The comments were made in the context of the commission's inquiry into the Middle East crisis and its implications for energy markets. Pouyanne framed higher U.S. LNG output as a positive development but insufficient to fully offset the absence of Qatari volumes for Europe.
Beyond the immediate observation on supply sources, the CEO’s statements underline a divergence he expects between the trajectories of gas and oil prices if Qatari exports remain offline. He stressed the need for a prompt resolution that would allow Qatari shipments to resume, linking that outcome directly to the potential for lower gas prices heading into the colder months.
Details provided at the hearing made clear that TotalEnergies sees an urgent policy and market imperative tied to Qatari LNG availability for Europe. The company’s public comments reflect concern about the scale of supply adjustments required to substitute Qatari volumes and the resulting price dynamics for gas relative to oil.
Market markers noted alongside the discussion included TTEF -0.66%, LCO -0.13% and NG +0.34%, reflecting contemporaneous movements cited during reporting of the event.
Summary: Patrick Pouyanne told French lawmakers that rising U.S. LNG output helps but cannot replace Qatari supplies for Europe next winter; he warned that without Qatari LNG restarting, gas prices will not fall as much as oil prices heading into winter.