Darren Woods at a conference in the US
Letter from the US: OPEC+ faces US merger threat
The ‘megaproducers’ on the rise following ExxonMobil deal will be less susceptible to OPEC pressure
ExxonMobil’s move to acquire independent Pioneer Natural Resources creates a direct threat to OPEC+ members, particularly Saudi Arabia and Russia. The merged company’s crude production will be larger than all but five or six OPEC+ countries. Further acquisitions made by Chevron and other US producers will create additional large competitors, and these new ‘megaproducers’ will be far less susceptible to calls from oil-exporting nations to reduce output when global supply surpluses pressure prices. In recent years, three current or past CEOs of independent oil producers—Ryan Lance of ConocoPhillips, Vicki Hollub of Occidental Petroleum, and Scott Sheffield of Pioneer—have exhorted other US pro
Also in this section
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
