According to Exxon CEO Darren Woods, what is the main consequence of national fuel export bans and price caps?

Darren Woods stated that policies such as 'product export bans or windfall profit taxes or price caps' are 'very bad policy' that 'are going to result in less supply.' He emphasized that these measures—though they 'feel good maybe in the moment and maybe politically attractive'—harm the global market by restricting needed fuel supplies and worsening energy shortages.

Why does Exxon CEO believe the recovery from the Middle East conflict will take longer than it otherwise would?

Woods said the recovery will take much longer because 'governments outside the US adopt policies that limit supply,' specifically citing export bans on diesel and other fuels by countries including China, Russia, and South Korea—policies enacted in response to global energy market upheaval caused by the Middle East war, which has 'effectively closed the Strait of Hormuz.'

Exxon CEO Says Price Caps, Export Bans Will Worsen Energy Woes

May 1, 2026

Exxon CEO Darren Woods warned that export bans and price caps imposed by China and Russia will exacerbate global energy supply shortages amid the Middle East conflict. Such policies hinder market recovery following the Strait of Hormuz closure.

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