BP said Monday it will drop a pledge to cut its oil production 25% by 2030. Critics slammed the move, but should not be surprised by it.

BP has reportedly abandoned its target to cut oil and gas production by 2030 as its new chief executive scales back a switch to green energy to boost its share price. Murray Auchincloss, who took over from Bernard Looney in January,

BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030.

By Ron Bousso LONDON (Reuters) -BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

The oil supermajor's chief executive, Murray Auchincloss, is looking to win back confidence among investors concerned about the firm's share price shrinking amid moderating energy prices.

BP (NYSE:BP) is scaling back its energy transition strategy and will drop its ambitious target of cutting oil and gas production by 2030, with plans to raise its output instead, sources with knowledge of the matter told Reuters.