With increasing oil prices, why are

With increasing oil prices, why are
the majors production rates declining?

Chevron: -6%
Shell: -6%
Exxon: -4%

http://www.321energy.com/editorials/hommelberg/hommelberg082105.html

 

partly asset sales, partly natural field production decline............

oil companies like gold miners either discover ...buy ...or die......

 

Another potential explanation is that more supply is being diverted to Asia, i.e. China & India.