Oil giants plan to increase production, which may exacerbate global supply surplus

Despite weak crude oil prices and increased OPEC+ supply, the world's largest oil companies are still expected to push forward with plans to accelerate production growth. According to comprehensive analyst estimates, Exxon Mobil, Chevron, Shell, BP PLC-Spons, and TotalEnergies may see production increase by 3.9% this year and by 4.7% in 2026. These increases seem aimed at seizing the anticipated rise in oil prices in the second half of next year. These companies are laying off employees, cutting low-carbon investments, and reducing stock buybacks to concentrate funds on oil and gas production. The oil and gas business remains the source of the vast majority of profits in the industry and provides returns higher than low-carbon investments