Reported 24 days ago
Exxon Mobil and Chevron have reported significant increases in fossil fuel production, coinciding with OPEC's deliberations to boost crude supply amid declining oil prices. Both companies have achieved record outputs, especially from the Permian Basin, with Exxon increasing production by 24% and Chevron by 7%. Despite pressure from environmental movements, Big Oil’s strategy focuses on enhancing efficiency and reducing costs. However, with weak global demand and OPEC’s potential supply boost, analysts anticipate further declines in oil prices, which may impact dividends and stock buybacks for the oil giants.
Source: YAHOO