A drilling platform in Louisiana
Letter from London: Beware false prophets
The oil and gas sector’s renewed upstream activity stands in marked contrast to just a few years ago, highlighting that the market does indeed cycle
The oil and gas upstream has changed significantly in the last few years, shifting gears from the pandemic-era doldrums to the current period, with re-energised majors once more focused on exploration and investment. The trends of the past three years demonstrate how all commodity markets experience cycles of investment and divestment and of optimism and pessimism despite false claims that it is radically different this time. When your correspondent started working for Petroleum Economist back in 2021, the upstream environment was radically different. The pandemic caused a global slump in oil and products demand, and with it a steep drop-off in upstream investment across the board. The exten
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
