Stephen Chazen and Crude Prices

Occidental Petroleum: By June, prices were up 40 per cent, passing $60 for the first time since December, according to Business Week. Oil companies that had cut costs began planning to deploy more rigs and drill more wells. After the worst bust in a generation cut crude prices from $100 a barrel last summer to $43 in March, the oil market rallied. We didn't think we'd be quite this good, Stephen Chazen, chief ­executive officer of Occidental Petroleum, told analysts in May. Fears over weak demand from China, along with rising production in the US, Saudi Arabia, and Iraq pushed prices back below $50. The runup was short-lived. (news.financializer.com). As reported in the news.