US oil giants Exxon and Chevron post record third-quarter profits

Exxon Mobil and Chevron reported strong third-quarter profits, exceeding expectations. This success is attributed to record US oil production, despite falling fuel margins. Their focus on oil and gas production contrasts with European rivals investing in renewables. Exxon produced a record 4.6 million barrels of oil equivalent per day, a 24% increase from last year. Both companies have benefited from acquisitions of smaller producers, enhancing their output. However, future production may face challenges from uncertain demand, particularly in China, and potential changes in OPEC's production limits. OPEC is expected to delay a planned increase in output due to concerns over weak demand.