Big Oil leaders Exxon Mobil, Chevron, and Shell continue to hike their crude oil production volumes from West Texas’s Permian Basin to the Gulf of Mexico to deepwater Guyana despite concerns of a rising global oil glut as OPEC nations keep exporting more barrels each month.
The production increases threaten to further exacerbate a weaker oil price environment predicted to go lower heading into 2026 with the U.S. benchmark hovering near the $60-per-barrel threshold below which companies struggle to maintain profitability. But the biggest players have more scale to remain undeterred by lower commodity prices.
