Total sees oil production rebound in 2010

PARIS (AP) — Total SA expects its oil production to rebound in 2010 after cuts by OPEC and falling demand caused by the global recession weighed on its output this year, the company said Wednesday.

The forecast was included in slides on the French oil giant’s Web site ahead of a presentation to analysts later in the day.

Total’s oil production dropped 6 percent in the first half of this year because of the OPEC cuts and the recession, as well as security issues that disrupted production in Nigeria.

Total Chief Executive Christophe de Margerie declined to provide a specific growth target for next year, saying only “with the projects launched now and to come, 2010 will be a year of growth.”

AP