French giant Total said that it would boost output next year, but warned of possible problems with supplies as cost cutting looks set to limit global production capacity.
In a midyear outlook presentation, Total said that output would increase next year after this year’s dip.
The company did not specify how much of an increase it expected.
Total, which said that there would be a global supply crunch by the middle of the next decade, revealed that other costs it incurs are expected to fall.
These investments include subsea equipment, onshore facilities, construction and pipelines, which are all expected to fall beween 10 and 20% on last year.