ExxonMobil has announced plans to significantly increase its investments in oil production.

The production targets of the energy giant are equally ambitious. By 2030, ExxonMobil aims for a daily production of 5.4 million barrels of oil equivalent (boe), compared to 3.7 million boe last year.

Darren Woods, CEO of ExxonMobil, emphasized that the company has unique competitive advantages that set it apart in the industry. "This is a formula for profitable growth and long-term shareholder value—regardless of the pace and scale of the energy transition," said Woods. ExxonMobil is thus positioning itself for a successful future that extends beyond 2030.

While ExxonMobil is aggressively expanding, other oil companies are scaling back their investments. Chevron, the largest US competitor, announced last week that it would reduce capital expenditures for next year for the first time since the pandemic. The restraint reflects fears of an oversupply in the global market, which recently put pressure on oil prices.

ExxonMobil's investment offensive comes at a time when OPEC has once again lowered its forecast for oil demand in 2024 and 2025. The organization announced this month that it will continue to limit production to stabilize prices. Nevertheless, ExxonMobil sees long-term opportunities and relies on stronger market positioning, while other players are slowing their expansion.