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Oil producers in ‘dire situation,’ unable to ramp up output: Oxy CEO

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Vicki Hollub, President and CEO, Occidental Petroleum Corporation, participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California.

Michael Kovac | Getty Images

As oil prices surge to the highest levels since 2008, Occidental Petroleum CEO Vicki Hollub said U.S. producers cannot increase output right away.

“We’re in a really dire situation,” she said Tuesday at CERAWeek by S&P Global. “We’ve never faced a scenario where we need to grow production, when actually supply chains not only in our industry but every industry in the world [are] being impacted by the pandemic.”

U.S producers were…



Source cnbc.com

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