Reported about 4 hours ago
The International Energy Agency (IEA) states that to maintain current oil and gas output by 2050, the world must invest approximately $540 billion annually. Although global spending is projected to reach $570 billion this year, this is a slight decrease from 2024. The IEA's report highlights the urgent need for companies to explore untapped reserves amidst declining outputs from existing fields, as without significant investment, global supply could diminish by over 5 million barrels per day annually.
Source: YAHOO