Investments in oil and gas exploration and production continue to be depressed Moody’s: Global annual upstream spending needs to increase by as much as 54 percent to $542 billion if the oil market is to avert the next supply shortage shock Upstream oil and gas investment must rise to the pre-pandemic levels of around $525 billion per year through the end of the decade so that the industry can ensure a demand-supply balance, Saudi Arabia-based International Energy Forum (IEF) and IHS Markit said in a new report this week. This year, upstream investment is still depressed, for a second year in a row, and is estimated at around $341 billion. This is almost 25 percent below the investment levels of the last “normal” year in 2019, says the report from IHS Markit and IEF, which is the world’s largest international organization of energy ministers from 71 countries including both […]