Exxon, Chevron's Big Permian Output Hike Adds to OPEC's Woes
- U.S. crude giants planning massive Permian output increases
- New flood of American barrels may further dilute OPEC’s sway
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Chevron Corp. and Exxon Mobil Corp. plan to sharply increase their oil production in the world’s largest shale basin over the next five years, flooding markets with new supplies as demand growth is slowing.
Within hours of each other on Tuesday, the two largest energy companies in America announced they want to pump almost 2 million barrels a day combined in the Permian Basin of west Texas and New Mexico, a higher amount than most OPEC nations. Chevron plans to reach 900,000 barrels a day by 2023, while Exxon aims for 1 million by 2024.