BP abandons oil production cut target, Reuters reports

BP has dropped a target to cut oil and gas production by 2030 as CEO Murray Auchincloss curtails the firm’s energy transition strategy in an effort to reclaim investor confidence, Reuters’ Ron Bousso reports, citing three sources with knowledge of the matter. The British oil major is now targeting a number of new investments in the Middle East and Gulf of Mexico to increase its oil and gas output, the author notes.