That sounds like it's going to exacerbate this oil glut that OPEC is projecting. Well,
certainly. And that's what the market is uh is quite concerned about. Really Exxon is really
doubling down on um on an oil production at a time when OPEC is pulling back there, uh
estimated 8 million barrels a day of um supply that's currently uh curtailed by OPEC and its
allies. Um And indeed last week, uh Chevron um announced the first cut to its capital spending
budget since 2021. So Exxon like it has done a few times in the, in the, in the past
few years is really going, going in the other direction, going in the other direction. And
this is something that investors are asking the company about at its investor day with oil
prices where they are right now kind of under pressure. What does this plan to increase
production mean for oil prices? How is the company thinking about this? Well, the company
is defending its plans by saying they were saying, look, we only produce about 3% of the
world's oil supply. But critically, they're saying that the uh the new projects that are
coming online are among the lowest cost anywhere in the world. So for example, in the
permian and in Guyana, where Exxon is spending a lot of its Capex, it, it can, it can produce
oil very profitably at just $35 a barrel, which is about 50% lower than uh than current
oil prices. So Exxon says it has a responsibility to develop these projects. And
you know, if there is an oversupply in the market, the implication is that it's, it's the
higher cost producers which, which would have to step back.