Abstract
In recent years, global oil markets have experienced intensified competition driven by growing surpluses of lighter crude and shale oil. As their margins have shrunk, many producers have increased output in order to boost revenue, adding to the oversupply. Meanwhile, global market dynamics have been upended, with many predicting that the United States will become the primary swing supplier of crude oil (Morse 2018). This atmosphere is particularly challenging for those major oil companies subject to strict production quotas, as they seek to maximize profitability while maintaining constant levels of crude oil production and sales.
