Global oil majors are investing more in drilling

The Financial Times reported on March 23 that the surge in oil prices following the outbreak of the conflict between Russia and Ukraine has helped oil producers around the world make record profits over the past two years. Oil giants ExxonMobil, Shell, Saudi Aramco and others said at the annual CERAWeek industry gathering in Houston this week that consumers are still struggling with the high cost of developing new energy sources and that more traditional energy sources will be needed in the coming years to meet soaring power demand caused by the proliferation of data centers required by artificial intelligence. Companies have withdrawn or scaled back their climate targets to reduce carbon dioxide emissions and are investing more to focus on oil and gas extraction.