Letter from the US: OPEC+ faces US merger threat
The ‘megaproducers’ on the rise following ExxonMobil deal will be less susceptible to OPEC pressure
ExxonMobil’s move to acquire independent Pioneer Natural Resources creates a direct threat to OPEC+ members, particularly Saudi Arabia and Russia. The merged company’s crude production will be larger than all but five or six OPEC+ countries. Further acquisitions made by Chevron and other US producers will create additional large competitors, and these new ‘megaproducers’ will be far less susceptible to calls from oil-exporting nations to reduce output when global supply surpluses pressure prices. In recent years, three current or past CEOs of independent oil producers—Ryan Lance of ConocoPhillips, Vicki Hollub of Occidental Petroleum, and Scott Sheffield of Pioneer—have exhorted other US pro
Also in this section
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust