Last year, upstream oil investment was projected to have declined 2.5% Y/Y to $420 billion after low oil prices put pressure on producers and slowed expansion plans. Companies across the industry continued to prioritize profitability, free cash flow, and debt reduction over aggressive production growth, a trend reinforced by macro uncertainty. The decline was also driven by reduced spending by U.S. independent light tight oil and shale producers, even as national oil companies (NOCs) in the Middle East increased their investment, and spending on…
