Big Oil has largely abandoned its green transition efforts, returning to its core business of oil and gas. BP, under investor pressure, is ramping up fossil fuel investments, launching 27 new projects while cutting green spending. Shell, having avoided a drastic green pivot, is now prioritizing natural gas and reducing spending. U.S. supermajors like Exxon and Chevron never wavered from hydrocarbons and continue to expand production, outperforming their European counterparts. Even TotalEnergies, which has embraced diversification, maintains strong oil and gas investments. Despite ongoing claims of an “unstoppable” energy transition, industry trends suggest peak oil is far from imminent.
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Source: Oilprice.com
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