Bud's Offshore Energy (BOE)

While demand will remain strong, supply is a concern:

“Capex cuts by international oil companies and national oil companies in 2020 was about 35%,” he said. “We’re now showing another 23% reduction in capex levels” from pre-pandemic levels this year. In 2019, E&P companies spent $525 billion, an amount which plummeted to $341 billion in 2021, he added. “We have to get back to $525 billion over several years until 2030 to restore market balance,” McMonigle said. “I’m afraid what we’re seeing with the energy crisis is on our doorstep.”

Joseph McMonigle, World Oil Congress