Bad news for Donald Trump: Neither OPEC nor U.S shale producers are interested in increasing oil supply despite his pledge to bring down prices
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Incentives not in oil companies' favour
Trump administration's pledge to sweep away regulation of the oil and gas industry might not be enough for American shale oil companies to step up their drilling activities, especially when US shale producers are already hitting record production of oil, reported Business Insider.
Increasing drilling any further could actually hurt the companies' profits, especially with global oil prices in flux. ExxonMobile CEO Darren Woods said «As crude prices come down, we expect the industry revenues to go down and profits to go down,» as quoted by Wall Street Journal.
White House advisers know this, and they’re not expecting a major boost in domestic production, reported Wall Street Journal.
Trump’s goal of expanding US oil drilling clashes with the reality faced by energy giants, who are more focused on managing the glut of oil flooding the global market, which has caused prices to fall.
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