Exxon, Chevron, and Oxy plus some do not want to cut production, but have OPEC do so. Are we going to be part of not reducing production to increase prices? Crazy industry.
https://www.investors.com/news/oil-prices-opec-meeting-russia-saudi-arabia-us-output-cuts/?src=A00220&yptr=yahoo
Many operators are shutting in wells in response to low prices. What the large operators want is freedom to operate as they see fit, not be forced by governmental mandates or specific cut requirements. I work for one of the three you mentioned and can tell you first hand that production is being curtailed. Not in a hugely impactful way immediately, but we are reducing drilling rig count by 80%, most recently drilled wells will be DUCs, and a fair number of wells are being shut in. The production cuts will likely be managed as we see what current efforts do to support prices. Won't be enough right away, but if many operators do the same it will have a modest positive effect given time. My guess is the cuts won't be enough to balance the market for the foreseeable future as demand destruction is simply too great and the world is awash in oil. Pain is here and will persist for a while, 2020 will not be fun.
Lol, like there’s anything resembling a free market these days.
Free market will take care of production cuts and Oxy
This is why the Oxy is such a piss poorly managed company. There is no penalty for bad decisions as OPEC will absorb the swing to prop up prices. There are so many wells that had no business ever being drilled, but why not when there are no penalties for failure.
Welcome to the free market where Capex and Opex management is a real thing.
Please try forming your own opinions