Oil prices have seesawed over the past few years, still far below the pre-2014 highs, but upstream spending is expected to continue to rise in the years ahead, according to a new report from Morgan Stanley. “Global upstream capex — more muted growth, but still a positive trajectory from here,” the investment bank wrote in a note to clients. Spending should rise by 6 percent CAGR through 2022, Morgan Stanley said, which is down from its prior estimate of 8 percent, largely because of the recent downturn in oil prices. Between 2019 and 2022, global upstream spending rises from $461 billion to $554 billion. That comes after several years in which spending hovered at around $450 billion. It should be noted, however, that spending will not reach the 2014 peak of well over $700 billion for the foreseeable future, if ever. The Ultimate Resource For Energy Professionals Do you […]