Still, James Burkhard, head of oil markets for IHS Markit, said the Biden administration was likely looking for the backing of OPEC, whose members would need to boost output if countries were to try to ban Russian supplies. “There’s a mirage that spare capacity can be brought out,” Tengku Muhammad Taufik, CEO of the Malaysian state-run oil company Petronas, told the same conference, S&P Global’s CERAWeek. But executives say that high international prices have already given producers all the incentive they need to boost output, and that no one is holding back. The Biden administration is reportedly reaching out to Saudi Arabia, the world’s leading exporter, as well as Venezuela, whose government has also been sanctioned, to help fill any oil shortfalls from the shut-off of Russia’s shipments. But since August 2020, it has roared back, adding 2 million barrels per day to reach 11.6 million barrels per day by late February, and forecasters expect that figure to climb by another 1 million barrels by the end of the year. oil production had plunged during the early months of the pandemic, driving dozens of oil companies into bankruptcy and forcing others to retrench and shut down new drilling.
industry imports only a modest amount of Russian oil and refined products, but trading firms around the world are beginning to shun Russian supplies as governments tighten the financial sanctions on Russia in response to President Vladimir Putin’s invasion of Ukraine. Chevron has also said it would increase its production there by 60,000 barrels per day this year.īut even with those sharp increases, keeping a lid on oil and gasoline prices will be difficult if Russia’s 5 million barrels per day of oil exports are taken off the market. “We’re well on our way to that,” CEO Darren Woods told an industry conference in Houston on Monday. Exxon has said it expected to increase its production from the Permian by 100,000 barrels per day this year, on top of a sharp ramp up last year to 460,000 barrels per day.
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