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Exxon Mobil CEO Darren Woods predicted that crude oil and fuel prices will continue to surge higher in the weeks ahead.
Exxon and Chevron are not increasing spending or drilling despite the White House's calls for more output.
KEY POINTS
- Exxon predicts a prolonged surge in oil prices if the Strait of Hormuz remains blockaded.
- Chevron is cautious about investing further in Venezuela, awaiting more regulatory reforms.
- Exxon may re-enter Venezuela using expertise from Canadian oil sands operations.
- Exxon is aggressively expanding Permian Basin production, while Chevron is now focused on cash flow stability.
COMPANIES
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