Occidental (OXY) CEO says US oil production can be maintained at USD 60-65 oil price range and oil price needs to be USD 70 for industry to grow production
Newsquawk Staff ·
Occidental (OXY) CEO says US oil production can be maintained at USD 60-65 oil price range and oil price needs to be USD 70 for industry to grow production.
What it means
The CEO of Occidental Petroleum is indicating a critical price point for U.S. oil production sustainability and growth. Maintaining production requires a price range of $60-65, while expanding output necessitates prices to reach $70. This underscores the delicate balance in the energy sector, where fluctuations below these thresholds may lead to stagnation or reduction in production, impacting supply dynamics and potentially prices across related commodities.
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