PARIS, Jan 16 (Reuters) - TotalEnergies

expects fourth-quarter 2024 downstream results to have benefited

from a slight increase in refining margins, the French oil major

said in a trading update on Thursday.

Its European refining margin marker stood at $25.90 per

metric ton in the fourth quarter of last year, up from $15.40 in

the previous quarter.

Exploration and Production results in the fourth quarter are

expected to be hurt by a $5 per barrel fall in oil prices, it

noted.

Total's adjusted net income has dropped for five straight

quarters, hitting a three-year low at end-September reflecting a

combination of upstream outages and a collapse in European

refining margins.

BP, Shell and Exxon issued profit

warnings this month, as lower seasonal natural gas demand drags

on trading results.

Global demand for gasoline and diesel has also fallen short

of expectations, while the launch of new oil refineries in Asia

and Africa has resulted in oversupply.

The world's top oil and gas companies saw profits decline

throughout 2024 following record earnings in the previous two

years, as global oil demand faltered and energy prices steadied

after jumps triggered by Europe's loss of Russian gas supply

following Moscow's invasion of Ukraine.