Tepid upstream spending recovery in 2022 fuels future supply crunch fears
Global upstream spending recovered strongly in 2022 but remained below pre-pandemic levels, according to S&P Global Commodity Insights analysis, with producers’ ongoing commitment to capital discipline despite high oil and gas prices stoking concerns of a future oil supply crunch. Investment in major non-OPEC upstream projects excluding Russia totaled $451 billion in 2022, according to S&P Global data, a 19%…