Big Oil is raking in historic amounts of cash, but the windfall isn’t being invested in new production to help displace Russian oil and gas. Instead, executives are rewarding shareholders – setting the world up for an even tighter energy market in the years ahead.
Oil booms typically spark a chase for higher production – but not this time. All five supermajors have kept their capital expenditure budgets firmly in check and pledged that this discipline will hold in future years – even as oil prices have closed above $100 a barrel…
https://www.bloomberg.com/news/articles/2022-05-07/big-oil-s…