The recent recovery of oil prices couldn’t have come at a better time for the world’s top oil majors that have ridden the rough oil price crash with huge investment cuts and layoffs. Although Big Oil continues to cut capital and exploration expenditure, it is poised to see this year the biggest production gains since 2010. The reason: investments in projects made early this decade, before the oil price slump, are now expected to start yielding results. What’s more, higher production this year would come for a Big Oil that has dramatically lowered costs. In addition, with oil prices above US$50, oil majors are set to capitalize more on increased production. ExxonMobil, Chevron, Royal Dutch Shell, BP, Total, Eni, and Statoil are expected to increase their combined oil and gas production by 398,000 bpd this year, the highest increase since 2010, according to figures by Norway-based consultancy Rystad Energy […]