As Western Oil Giants Cut Production, State-Owned Companies Step Up

As Western Oil Giants Cut Production, State-Owned Companies Step Up

As Western Oil Giants Cut Production, State-Owned Companies Step Up In the Middle East, Africa and Latin America, government-owned energy companies are increasing oil and natural gas production as U.S. and European companies pare supply because of climate concerns. HOUSTON — After years of pumping more oil and gas, Western energy giants like BP, Royal Dutch Shell, Exxon Mobil and Chevron are slowing down production as they switch to renewable energy or cut costs after being bruised by the pandemic. But that doesn’t mean the world will have less oil. That’s because state-owned oil companies in the Middle East, North Africa and Latin America are taking advantage of the cutbacks by investor-owned oil companies by cranking up their production. This massive shift could reverse a decade-long trend of rising domestic …
More on: www.nytimes.com