BP's CEO, Murray Auchincloss, has defended the company's decision to ramp up fossil fuel production and abandon its renewable energy commitments.

The move comes amid growing pressure from BP investors who are dissatisfied with the oil giant's underperforming share price, as reported by City AM.

Two weeks ago, Auchincloss announced a "fundamental reset", which involved scrapping a series of green energy targets set five years prior. In an article for The Times, he stated that the decision to backtrack on these commitments had been well received by investors.

"From the many conversations I have been having, our new direction is resonating with shareholders... Most of the questions to me are about how quickly we can deliver," he said.

BP's reset will see oil and gas production increase to between 2.3m and 2.5m barrels of oil equivalent per day by 2030.

It also plans to boost spending by approximately 20% to $10bn (£7.8bn) annually. This marks a significant departure from a previous goal of reducing output by around a quarter, from 2019 levels to 2m barrels per day.

"Our optimism in 2020 for a fast energy transition was misplaced and we went too far, too fast in our plans," Auchincloss admitted on Monday. BP shares have fallen by roughly 11% over the past year and have underperformed compared to competitors Shell and ExxonMobil.

The pressure on Auchincloss, 54, who took over from former boss Bernard Looney in 2020, has been immense.