The world should “settle in” for a period of relatively weak oil prices, the chief executive of ExxonMobil has said, with US shale production more resilient than many people had expected. More On this topic IN Oil & Gas Rex Tillerson’s comments came as the world’s largest listed energy company said it would cut capital spending by 12 per cent this year even while increasing its oil production by 7 per cent, in a sign of how the industry is pushing to cut costs in response to the plunge in crude prices. Mr Tillerson told an annual meeting for analysts in New York that oil prices had crashed because demand growth in China and elsewhere had slowed, while US supplies were “coming like a freight train”. Those conditions could persist, he suggested. “My view is people need to kind of settle in for a while,” he said: “There’s a […]