The American oil giant Exxon Mobil's production chief does not believe in any significant increase in oil and gas production in the USA when Donald Trump takes over as president next year.
I believe the likelihood of a radical production boost is small. For the most part – if not all – are primarily focused on the profitability of what they do, says Exxon Mobil executive Liam Mallon during a visit to London.
The incoming US President Donald Trump has signaled that he wants to open up for more drilling for oil and gas in federal areas under the slogan "Drill, baby, drill".
If there are major regulatory changes, you can drill more, provided you get the right quality and reach economic thresholds. But I don't believe we will see an "Drill, baby, drill" attitude. Really not, says Mallon, who leads exploration and production within Exxon Mobil.
In the USA, 13 million barrels of crude oil are currently produced per day. This is more than any other country in the world and an increase of 45 percent over ten years.
Next year, most industry analysts expect a global oil surplus.
