Occidental to Keep Oil Production Steady Even as Crude Prices Near $100
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Occidental Petroleum Corp. plans to keep its production steady even as oil prices have surged in recent weeks above $90 a barrel.
“We don’t increase oil significantly in a market where we don’t see the balance,” Occidental Chief Executive Officer Vicki Hollub said during an interview with Bloomberg Television. “Only in a market where we see balance would we increase our production — and even then it would be at a moderate pace.”