France’s oil refineries are on strike Tuesday, union officials said, with all eight of the country’s refineries out of action.
A CGT (General Confederation of Labor) union official confirmed the closures to various media. The union had not responded to CNBC’s request for comment at the time of publication.
Five of the refineries are controlled by Total and two by Esso.
The Total CEO was reported as saying that the oil and gas company will “seriously reconsider” investments in France due to the strikes that have forced it to shut down its refineries, according to Reuters which cited iTele television. Patrick Pouyanne was speaking on Tuesday at the sidelines of Total’s shareholders meeting in Paris, the agency said.
The strikes will put France’s “full 1.4 mbd (million barrels per day) of capacity potentially at risk,” said Jeffries’ equity analyst Jason Gammel to CNBC.
“Price reaction has been muted thus far and will be dependent on how long the actions last,” he added.
The strike has resulted in over 2,000 gas stations running dry across France, with drivers lining up for hours to fill their cars.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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