TOTAL have adopted a very clear strategy for surviving the downturn. The results statement today particularly highlights their success in strengthening their balance sheet. Net debt to equity now stands at just 15.4%, whilst they are "maintaining a high-level of liquidity and divesting non-strategic holdings". 
TOTAL also see a need "in the short-term" to adjust oil "supply to lower levels of demand". But they "reaffirm their view of higher oil prices in the medium to long term, supported by a tight supply-demand balance".
Their view is supported by a report in today's China Daily. This features calls from leading analysts to increase China's storage from its current 30 days of supply, and "take advantage of today's low prices to build more oil reserves".