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Investor’s Business Daily
Oil Companies Prioritize Buybacks Over Production Gains
As oil and gasoline prices pulled back from recent highs, second-quarter reports from oil companies signaled continued reluctance to meaningfully increase production. OPEC-member Saudi Arabia, meanwhile, hinted at possible production cuts to bolster prices, while U.S. and European negotiators scrambled to revive a deal with Iran that would release sanctioned oil back onto world markets. Following a tough year in 2020, oil company earnings accelerated sharply in 2021 and 2022.
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