Big Oil Isn’t Backing Down at $60 Oil ...Middle East

OILPRICE - Economy
Big Oil Isn’t Backing Down at $60 Oil
source : OILPRICE ( Middle East ) () 40
Big Oil majors have no plans to scale back their budgets despite oil prices softening and more barrels poised to hit the market. That may sound reckless in a bearish environment, but it’s anything but. With demand picking up in Asia and OPEC+ preparing to unwind production cuts faster than expected, Exxon, Chevron, Shell, and TotalEnergies are digging in—ready to pump more, not less. ExxonMobil reported a decline in net profits for the first quarter to $7.7 billion, down from $8.2 billion a year ago. Chevron’s earnings fell more…

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