Despite weak crude prices and increased OPEC+ supply, the world's largest oil companies are expected to proceed with plans to accelerate production growth. According to analysts' estimates, ExxonMobil, Chevron, Shell, BP PLC, and TotalEnergies could increase output by 3.9% this year and 4.7% by 2026. These projected gains—including new projects and acquisitions—appear aimed at capitalizing on anticipated oil price rebounds in the second half of next year.

The firms are streamlining operations by cutting jobs, reducing low-carbon investments, and scaling back share buybacks to prioritize capital allocation toward oil and gas production. Fossil fuels continue to generate the vast majority of industry profits while delivering higher returns than green energy initiatives.