9 April, 2022
The bosses of some of the world’s biggest energy firms vowed to increase production this year as they defended themselves from accusations of profiteering from the war in Ukraine.
Chiefs at ExxonMobil, Chevron and others said in Washington that they had little power over oil prices, which have soared after Russia’s invasion.
Prices remain more than 15% higher than they were at the end of January.
The increase has raised energy costs for households around the world.
In the US, where mid-term elections will be held in November, it has also become a major political issue, weighing on President Biden’s support.