The global oil market has diverged fundamentally, with a bearish outlook for crude but bullish prices for products, said Total Energies SE Chief Executive Officer Patrick Pouyanné.

Crude cargoes are able to transit the Suez Canal "very quietly" today, but the higher cost of shipping means that no refined products are making the journey, Pouyanné said at the ONS conference in Stavanger, Norway on Monday.

At the same time, Ukrainian drone attacks have significantly curbed fuel supplies from Russia, he said.