Chevron CEO Sees Russian Oil Output Falling After Exit of Western Firms
By Collin Eaton, June 4, 2022, WSJ

Russia is still finding a home for much of its oil despite expanding sanctions, but its production likely will diminish following the
departure of western oil companies, Chevron Corp. CEO Mike Wirth said.

In a meeting with Wall St. Journal reporters and editors this week,
Mr. Wirth noted that many countries continued to buy crude from Russia,
one of the world’s top oil producers along with the U.S. and Saudi Arabia.

But he said that it would be difficult for Russia to overcome the
loss of western technology and capital, noting that other once-large
oil producers have seen output fall after sanctions and the pullout
of international oil companies.

“If you look at Iran and Venezuela, two other examples of large producers that have come under sanctions and have been pretty well cut off from the
same kinds of investments and technology, their productive capacity
degrades over time,” Mr. Wirth said.

https://www.wsj.com/articles/chevron-ceo-sees-russian-oil-output-falling-after-exit-of-western-firms-11654344001

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