Oil industry experienced multiple crude price swings over the last seven years
US drilling to climb as supply disruption continues
Although spending will decelerate in North America, the 2023 forecast for an 18pc increase follows a near-record 44pc in 2022. US drilling will increase by 8.2pc, with total footage forecast to climb 8.7pc, to 290mn ft³ of hole
The oil industry has experienced multiple crude price swings over the last seven years, from $100/bl in 2014 to minus $37/bl in 2020. However, today’s energy environment is significantly different from historical boom-bust cycles. Unrealistic clean energy goals, forced on producers by government officials and environmental groups, caused an unprecedented reduction in oil and gas investment at the start of the Covid pandemic. The pressure tactics compelled energy producers to commit to emission-reduction targets and increased investment in cleaner energy, even as they were struggling with massive losses caused by plunging demand. This, combined with supply issues exacerbated by the war in Ukr
Also in this section
8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
