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OPEC+ Cuts Fuel Oil Price Surge; ExxonMobil Profits

5/8/2025

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Summary

Story summary

Oil prices rose on Tuesday following OPEC+ production cuts.
ExxonMobil posted a $7.7 billion profit and upheld its capital expenditure guidance.
BP reduced its capital expenditure by $0.5 billion.
TotalEnergies announced a $16 billion green hydrogen initiative in Chile.
US shale production could decrease by late 2025 due to low prices, while Europe targets ending Russian gas imports by 2027.

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Story summary

Oil prices rose on Tuesday following OPEC+ production cuts.
ExxonMobil posted a $7.7 billion profit and upheld its capital expenditure guidance.
BP reduced its capital expenditure by $0.5 billion.
TotalEnergies announced a $16 billion green hydrogen initiative in Chile.
US shale production could decrease by late 2025 due to low prices, while Europe targets ending Russian gas imports by 2027.