Oil Majors Flock to Americas Amid Middle East Uncertainty

Global oil majors are shifting their focus to the Americas in response to ongoing Middle East production disruptions. The region has become increasingly important for delivering on growth plans, with projected supply growth of 1.9 million b/d in 2026 and a further 900,000 b/d in 2027.

In the second quarter of 2026, companies such as ExxonMobil Corp., Chevron Corp., Shell PLC, and BP PLC reported significant profits driven largely by price effects rather than production growth. However, with future prices uncertain, they have been cautious about banking on sustained upswings.

Shell is expecting another 144,000 boe/d production loss from its upstream division in Q3, while TotalEnergies SE sees a potential upside of 56,000 boe/d. ExxonMobil and ConocoPhillips have reported record output from the US, including 2.1 million b/d from ExxonMobil's non-Middle East production.

The majors are also investing in new projects in the Americas, with BP developing its Bumerangue discovery in offshore Brazil and TotalEnergies tying growth plans to ramp-ups in Brazil and the US.