US still driving oil investment recovery
Executives see plenty of enticing opportunities, but spending will be heavily weighted to the US and they can't commit without signs of a sustained path toward higher-priced oil
Total global energy industry spending will rise by 7% this year, to $580bn, according to a report released this week from Bernstein Research—an investment bank. But that growth is heavily weighted to the US, and will be driven by tight oil development in particular. Spending on new production outside the US is expected to rise by just 4% this year—around $15bn—to $380bn, noted the bank, and remains far below the peak in 2014. US drillers plan to lift investment by around $25bn this year, from $175bn to $200bn, more than the rest of the world combined, according to Bernstein's figures. There are a number of reasons why capex outside of the US has been so sluggish since the downturn. For one,
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
