Annual financial reports from several major oil and gas companies indicate that upstream capital expenditures have remained low despite rising oil prices. This sustained underinvestment further tightens an already constrained market and may contribute to a prolonged price rally as global demand recovers.

33: Long-Term Underinvestment in Upstream Oil & Gas Production Foreshadows High Prices as Global Demand Returns — figure 2
Fig. 2 of 6 · Chart 33 · Source: EPRINC
33: Long-Term Underinvestment in Upstream Oil & Gas Production Foreshadows High Prices as Global Demand Returns — figure 3
Fig. 3 of 6 · Chart 33 · Source: EPRINC
33: Long-Term Underinvestment in Upstream Oil & Gas Production Foreshadows High Prices as Global Demand Returns — figure 4
Fig. 4 of 6 · Chart 33 · Source: EPRINC
33: Long-Term Underinvestment in Upstream Oil & Gas Production Foreshadows High Prices as Global Demand Returns — figure 5
Fig. 5 of 6 · Chart 33 · Source: EPRINC
33: Long-Term Underinvestment in Upstream Oil & Gas Production Foreshadows High Prices as Global Demand Returns — figure 6
Fig. 6 of 6 · Chart 33 · Source: EPRINC

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