Big Oil Isn’t Budging on Output as OPEC+ Supply Hike Looms
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The largest western oil producers are mostly sticking with their growth plans for now, despite a 16% decline in crude prices during April and a decision by OPEC+ to crank up output in June.
Exxon Mobil Corp., Chevron Corp. Shell Plc, and TotalEnergies SE all maintained their capital spending plans as they reported first-quarter results this week. BP Plc was the exception, cutting spending under pressure from activist investor Elliott Investment Management LP.