According to a new report published by the International Energy Forum (IEF) and S&P Global Commodity Insights, annual upstream oil and gas investment needs to rise by 28% to reach $640 billion by 2030 to ensure adequate global supplies. If it doesn’t, the world will see shortages. The Saudi Arabia-based IEF says a cumulative $4.9 trillion (!) will be needed from now until 2030 to meet market needs, even if the growth in oil and gas demand slows down.
According to a new report published by the International Energy Forum (IEF) and S&P Global Commodity Insights, annual upstream oil and gas investment needs to rise by 28% to reach $640 billion by 2030 to ensure adequate global supplies. If it doesn’t, the world will see shortages. The Saudi Arabia-based IEF says a cumulative $4.9 trillion (!) will be needed from now until 2030 to meet market needs, even if the growth in oil and gas demand slows down.