Total Raises Production Target as Oil Rally Propels Earnings

Total SA raised its production target for the second time this year, accelerating its emergence from an oil-market slump as rising prices deliver a surge in profit.

While the return of U.S. sanctions on Iran derailed the company’s gas ambitions there, the move also boosted oil prices just as Total reaped the benefits of project startups from Australia to the Arctic, plus a series of acquisitions. Profit climbed 44 percent last quarter as crude jumped to a three-year high.

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