The world’s 50 biggest oil companies are poised to flood markets with an additional 7m barrels per day over the next decade, despite warnings from scientists that this will push global heating towards catastrophic levels. Dieter Helm, an Oxford University academic and government adviser, said oil giants were planning a final fossil fuel “harvest”. Shell is not alone among international companies planning to pump much more oil and gas, according to the research. The US firm ExxonMobil is expected to increase its fossil fuel production by 35% by 2030, BP by 20% and France’s Total by 12%. In absolute terms, the international oil companies will still be dwarfed by the output of state-run national firms in the future.

Source: The Guardian October 10, 2019 10:52 UTC