Oil production will be driven by market dynamics, not the outcome of the presidential election, Darren Woods said.
Production levels in the U.S. are driven by the oil and gas industry deploying capital to generate shareholder returns, Woods said.The outcome of the U.S. presidential election on Nov. 5 won't affect oil production levels in the short- to medium term, Exxon CEO Darren Woods told CNBC on Friday.
Over the past six years, the U.S. has produced more crude oil than any other nation in history, including Saudi Arabia and Russia, according to the "Certainly we wouldn't see a change based on a political change but more on an economic environment," Woods said. "I don't think there's anybody out there that's developing a business strategy to respond to a political agenda," he said.
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