ExxonMobil CEO Darren Woods indicated that, although he wants to maintain high production levels, the market is already well supplied and doesn’t have room for a significant immediate increase.
Energy analysts argue that major oil companies are prioritizing shareholder returns over new production projects, which limits the potential for a substantial oil boom in the U.S.
Ben Cahill from the University of Texas stated that the oil and gas markets are globalized, and the level of influence a U.S. president has on prices is minimal.
Cahill mentioned that while U.S. oil production may increase, it will be a gradual process, as the country currently produces record amounts at 12.9 million barrels a day.
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