Total estimates a loss of revenue of at least $12 billion due to the global pandemic and the oil crisis, Chief Executive Patrick Pouyanne said Friday at the company's general shareholders meeting.

The coronavirus crisis has significantly altered the company's business environment, said Pouyanne.

A drop in global energy demand caused by the economic downturn has now been exacerbated by a supply crisis, due to the decision of a number of producing nations to increase production despite low demand, he said.

The situation led to a dramatic drop in oil prices in March. "A barrel at $ 30 or $35 instead of $60, as we anticipated for 2020, represents a loss of revenue of $9 billion" this year, he said.

The crisis will also have a significant effect on the company's operating prospects for 2020, with a drop in activity leading to a loss of $3 billion, said Pouyanne.

Total now expects production to be close to 2.95 million barrels per day, a drop of about 5% compared to the previous forecast for 2020, Pouyanne said. The average utilization rate for the company's refineries will be around 70% this year, or 15% below 2019, he added.

Pouyanne sees the second quarter of 2020 as the worst point of the virus crisis. He warned that the results of that period will not be positive, but said that he expects better visibility from September or October.