Speaking at CERAWeek, the French oil company’s CEO Patrick Pouyanné announced Total’s plans to approve 10 projects over the next 18 months, with investments in Brazil, Nigeria, the United States and even Iran. The plan reflects not only renewed market confidence, with crude prices at around $50 a barrel, but also the strength of Total’s position as one of the world’s most profitable companies. Pouyanné went on to stress the importance of investing at the end of a long price slide, stating that it "puts the company in a position of strength as the market recovers." He pointed to "signs of recovery" even though "the market still needs to return to equilibrium." For this reason, he warned, it is important that the cuts agreed to by OPEC and 11 other nations, headed by Russia, be extended, especially in light of the fact that the United States continues to accumulate stockpiles. "It will take at least a year - a year to 18 months - to really have an impact on inventories."