The demand for oil is escalating, and is expected to further grow exponentially potentially reaching pre-pandemic levels of 100 million barrels per day. However, the major concern right now is whether the upstream Investments will influence the rebound in oil prices.
The international oil companies in the United States are refraining from stretching their spending as the activity across the nation has not stepped up completely. United States continues to see slowed growth in the oil production.The cautious approach not hasting into large spending while sticking to the budgets set last year amidst historical lows is expected to encourage upstream Investments. such cautions will allow the exploration, and production companies to scale down debt rapidly.
After the rollercoaster of fluctuating oil prices last year, oil prices are final regaining a sustainable track with $70 per barrel mark. With regaining momentum in oil prices, the oil industry now awaits return of upstream Investments from the IOCs or through market domination by national players.