Annual upstream oil and gas investment needs to rise 28 percent by 2030 - new report by ief and s&p global commodity insights

$4.9 trillion cumulative investment between now and 2030 is required to meet market needs and avoid supply shortfalls, report says new york , feb. 16, 2023 /prnewswire/ -- annual upstream oil and gas investment needs to rise by 28 percent to reach $640 billion by 2030 to ensure adequate global supplies, according to a new report published by the international energy forum (ief) and s&p global commodity insights™, the leading independent provider of information, analysis and benchmark prices for the commodities and energy markets. capital expenditure in 2022 rose by 39 percent from the previous year to $499 billion, the highest level since 2014, but drilling remained below pre-pandemic levels as inflation ate away at the spending, according to the report.
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