Chevron CEO Sees Russian Oil Output Falling After Exit of Western Firms

European Union leaders took a big step in the economic fight against Moscow over its invasion of Ukraine by agreeing to block 90% of Russian oil imports by year-end. The embargo faced opposition from countries highly dependent on Russian crude, especially Hungary. Photo: Olivier Matthys/Associated Press

Russia is still finding a home for much of its oil despite , but its production likely will diminish following the departure of western oil companies, Chevron Chief Executive Mike Wirth said.

In a meeting with Wall Street Journal reporters and editors this week, Mr. Wirth noted that many countries continued , one of the world’s top oil producers along with the U.S. and Saudi Arabia.