Occidental Petroleum Corp. will not be increasing oil output, with its CEO saying that the recent surge in oil to above $90 per barrel is happening without balance in the market. Speaking on Bloomberg Television, Occidental CEO Vicki Hollub said, “Only in a market where we see balance would we increase our oil production – and even then it would be at a moderate pace.” Even if oil prices topped $100 per barrel, Hollub told Bloomberg, they would not likely be sustainable long enough to lead to demand destruction. …
