Exxon Mobil and Chevron are racing to increase their positions by investing in the Permian Basin and Guyana, which are forecasted to play a crucial role in global oil supply growth.
The oil industry, which faced challenges in finding new, low-cost resources, is witnessing remarkable production growth in the Permian Basin and Guyana, intensifying competition between U.S. and European oil giants.
Amid increased oil demand and tightening supplies, Brent oil reached over $90 a barrel, prompting concerns about global inventory scarcity and potential price surges driven by Middle East tensions.
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