"We are fine, we are fulfilling our target and the commitment Mexico made before OPEC+, which is 1.753 million bpd," Nahle said at a virtual convention organized by Mexico's Association of Hydrocarbon Companies. "We are slightly below that, which gives us flexibility to continue working."
The cuts left Exxon traders without the capital they needed to take full advantage of the volatile oil market, these people said.
The trading retreat came after Exxon had worked in the previous three years to bolster its trading unit with revamped facilities, high-level hires and new tools to help traders take on more risk.
US West Texas Intermediate futures fell 36 cents, or 0.6%, to $62.79. It had earlier reached $63.48, also the highest since March 18.
The IEA and Organization of the Petroleum Exporting Countries (OPEC) made upward revisions to their global oil demand growth forecasts for 2021 this week to 5.7 million barrels per day (bpd) and 5.95 million bpd respectively.