ExxonMobil CEO Darren Woods: There's a disconnect between crude prices and pump prices

ExxonMobil CEO Darren Woods said oil and gasoline markets are being distorted by refinery constraints, creating a disconnect between crude prices and pump prices. He argued that fuel prices are now driven more by supply and demand for refined products than by crude itself, and that prices may stay elevated until more refining capacity and product flows return. Woods said the Middle East situation remains fluid, but the key long-term issue is restoring supply through the Strait of Hormuz. He also warned that new EU methane rules due in January 2027 are too strict to meet and could block oil, gas, and product imports into Europe. On Venezuela, Exxon is still evaluating investment opportunities, but only if legal, fiscal, and contractual frameworks improve. Overall, the interview points to continued support for energy markets and refinery-linked margins, while highlighting regulatory and geopolitical risks.