Supermajors Bet Big on Long-Term Oil Demand

The world’s largest international oil firms are ramping up production even as crude prices have weakened this year and global supply growth continues to outpace the demand increase, setting the stage for a glut in the coming months. The European majors are back to investing in exploration and new oil and gas field developments after years of trying – and mostly failing – to generate profits and good returns from low-carbon energy projects, including renewable electricity, green hydrogen, and biofuels. Big ...