Warning: Underinvestment in O&G Leading to Price Shocks Thru 2030

Underinvestment in oil and gas development extended into a second year in 2021 even as global energy demand rebounded, raising the prospect of price shocks, scarcity, and growing energy poverty, according to a new report by the International Energy Forum (IEF) and IHS Markit. Oil and gas investment will need to return to pre-COVID levels and stay there through 2030 to restore market balance, the report states. If more investment doesn't happen quickly, the world will experience more price gyrations and it will lead to "adverse economic consequences," such as wider energy poverty, more frequent scarcity, and fuel switching to more polluting energy sources such as wood and coal.

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