US upstream reasserts strategic importance

The country’s renewed focus on energy security has seen it move closer to Russia and Saudi Arabia on supply

There was a renewed optimism about the long-term durability of the upstream sector at this year’s CERAWeek conference, reinvigorated by a growing emphasis on energy security that has pushed oil majors to pursue resource growth globally. Security proved to be an apt theme as markets shift focus to providing affordable, reliable energy to meet the growing needs of the global south. Demand for oil, as well as the fresh interest in E&P from countries wanting to be self-reliant, have become even more important given recent geopolitical uncertainty despite the risk of lower oil prices. US Secretary of Energy Chris Wright firmly rejected the previous administration’s climate-focused policies, w