Despite the volume impact, management said the Middle East assets contribute less cash flow per barrel than other parts of the portfolio due to higher taxation. Pouyanné said the 15% volume impact equates to roughly 10% of upstream cash flow at $60 per barrel, and that an “EUR 8 per barrel increase in the Brent is enough to offset” the expected 2026 cash flow from shut-in production—while oil prices during the crisis were cited in the EUR 100–EUR 115 per barrel range.Operationally, Pouyanné said production ...