Exxon cranks up oil output despite fears of supply glut
ExxonMobil plans to drive up production by almost a fifth by the end of the decade, doubling down on fossil fuel spending even as rivals pull back amid fears of an oversupplied global market. The US oil supermajor said on Wednesday it would increase capital expenditure from $28bn this year to $27-$29bn next year and $28-$33bn between 2026 and 2030.