US still driving oil investment recovery
Executives see plenty of enticing opportunities, but spending will be heavily weighted to the US and they can't commit without signs of a sustained path toward higher-priced oil
Total global energy industry spending will rise by 7% this year, to $580bn, according to a report released this week from Bernstein Research—an investment bank. But that growth is heavily weighted to the US, and will be driven by tight oil development in particular. Spending on new production outside the US is expected to rise by just 4% this year—around $15bn—to $380bn, noted the bank, and remains far below the peak in 2014. US drillers plan to lift investment by around $25bn this year, from $175bn to $200bn, more than the rest of the world combined, according to Bernstein's figures. There are a number of reasons why capex outside of the US has been so sluggish since the downturn. For one,
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
