Exxon shares have fallen more in the last year than any 52-week period since the Exxon-Mobil merger, under pressure from a global drop in oil prices. Exxon Chairman and CEO Darren Woods met with investors at the New York Stock Exchange on Thursday. CNBC's Becky Quick spoke with him about Exxon's strategy for weathering market volatility.
Oil prices plunged to multi-year lows on Monday as tensions between Russia and Saudi Arabia escalate, sparking fears on the Street that an all-out price war is imminent.
The sell-off in crude began last week when OPEC failed to strike a deal with its allies, led by Russia, about oil production cuts. That, in turn, caused Saudi Arabia to slash its oil prices as it reportedly looks to ramp up production
U.S. West Texas Intermediate crude and international benchmark Brent crude on Monday posted their worst day since 1991.
WTI plunged 24.59%, or $10.15, to settle at $31.13 per barrel. It was WTI’s second worst day on record. International benchmark Brent crude slid $10.91, or 24.1%, to settle at $34.36 per barrel.
Earlier in the session each contract fell more than 30%. WTI dropped to $30 while Brent traded as low as $31.02, both of which were the lowest levels since Feb. 2016.
“This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction,” Again Capital’s John Kilduff said. “The Saudis are the lowest cost producer by far. There is a reckoning ahead for all other producers, especially those companies operating in the U.S shale patch.”
On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to a Reuters report. The kingdom currently pumps 9.7 million barrels per day, but has the capacity to ramp up to 12.5 million barrels per day.
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