OPEC Production Policies Could Complicate Relationship with Big Oil

OPEC and its partners from Central Asia and Russia earlier this month delayed a rollback in production cuts agreed in 2023 to stem the decline in oil prices. This means OPEC+ will produce 2.2 million fewer barrels per day than before the cuts until at least December. Some Big Oil majors may not be happy about it. OPEC and Big Oil tend to be seen as competitors, especially when it comes to American supermajors such as Exxon and Chevron, who have a considerable footprint in the shale patch—OPEC’s main challenger in modern times. What…