Oil Investment: Is the peak behind or ahead of us?

Investment in new oil supply hit a high of $700 billion in 2014. But spending has been well below that level since. On the downstream side, global refining capacity declined in 2020 and 2021. For both oil producers and refiners, net zero aspirations increase the uncertainty about the future of oil demand. Have we seen the peak in upstream and downstream investment—and will future spending pay off for investors? S&P Global Speakers: Jim Burkhard, Vice President & Head of research for oil markets, energy & mobility | Bhushan Bahree, Executive Director, Oil Markets, Downstream and Chemicals Team | Kurt Barrow, Vice President, Oil Markets, Midstream, and Downstream | Matthew J. Sagers, Vice President, Oil and Gas