Oil Giants Plan Production Boost Adding to Global Oversupply

The world’s biggest oil companies are expected to press ahead with plans to accelerate production growth when they report earnings this week, despite weak crude prices and higher supplies from OPEC and its allies.

Exxon Mobil Corp., Chevron Corp., Shell Plc, BP Plc and TotalEnergies SE will likely grow output 3.9% this year and 4.7% in 2026, according to analysts’ estimates compiled by Bloomberg. The increases — which include new projects as well as acquisitions — appear designed to capitalize on an expected oil-price upturn in the latter half of next year.