You must understand that, in this sector, oil is a commodity. A company may well decide to increase its production, but there has to be people to buy that oil. It is a balance between supply and demand. Currently, on a global scale, we are not in a context of increasing supply.
According to the International Energy Agency, by 2030, demand for oil will decrease by about six million barrels per day. Currently, production is at about 105 million barrels per day. Don’t quote me on that, I'm telling you that from memory. A company could not increase its production, because it would have a very significant impact on prices. In fact, it would cause prices to go down, which would lead to lower company profits.