The global oil and gas industry is poised to increase spending this year, albeit modestly, in a bid to boost supply after a punishing period of low oil prices. The industry has succeeded in cutting costs and speeding up project timelines, achievements that will help companies adapt to a market that may never return to the price highs seen prior to the 2014 meltdown. The dramatic slimming down over the past half-decade by the oil and gas industry has led to a steep drop off in spending, exploration and final investment decisions (FIDs) on new projects. That has thinned out the pipeline of new projects set to come online in the years ahead, raising the possibility of a supply crunch in the early 2020s. The global oil industry needs to come up with 35 million barrels per day (Mbd) of fresh supply between 2017 and 2025 in order to […]