U.S. oil production won't return to pre-pandemic levels, says Occidental CEO
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas. Occidental CEO Vicki Hollub said Thursday that she doesn't envision U.S. oil production returning to pre-pandemic highs. But she added that oil demand is recovering faster-than-expected, driven primarily by China, India and the United States. The group first implemented unprecedented supply cuts in 2020 in an effort to provide a floor as oil prices tumbled to historic lows. Hollub reiterated Thursday that the company is working toward net zero carbon oil production through its heavy investments into carbon capture.
cnbc.comWhat rock-bottom oil prices mean for your wallet
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. For example, the cost of a futures contract for June deliveries of West Texas Intermediate crude oil was $13.91 per barrel on Wednesday. The so-called WTI is the U.S. benchmark for oil prices. Meanwhile, the global benchmark for oil costs Brent crude is now $20.28 per barrel for June deliveries. In the U.S., where the cost of oil hit negative territory on Monday, fluctuations in oil prices also reflect the fact that we're running out of room to store it, said Nathan Parker, senior investment research analyst at Commonwealth Financial Network.
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