Total to wait for better oil prices before selling Canadian assets
CEO Patrick Pouyanne said the company’s priority was "value over volume", adding that oil sands were among the high breakeven projects in Total's portfolio.
This could be the ‘bifurcation’ point that we have been looking for, says Eric Angeli, an Investment Executive at Sprott Global Resource Investments Ltd.
At the start of the year we asserted that the mining equities could lead the metals higher. Since then, the shares have roared higher while the metals have remained subdued.
Iron ore and coking coal prices hover at 6-month lows on Wednesday as Chinese steel prices approach record lows and forecasts for output growth are slashed.