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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Global upstream spending recovered strongly in 2022 but remained below pre-pandemic levels, according to S&P Global.
- Investment in major non-OPEC upstream projects excluding Russia was $451m in 2022, up 19% from $381m in 2021 and 29% higher than 2020 according to S&P Global data. Investment averaged $690m in 2010-2014.
- Concern for future supply is fuelled by the commitment of producers to capital discipline over production increases.
- Increasing industry costs, supply chain constraints and longer term renewable energy aims have also limited upstream spending.
- Only seven oil projects were sanctioned in 2016 and 2020 leading to a potential supply shortfall in coming years. In 2022 14 major non-OPEC oil projects were sanctioned with 16 in 2021.
- The global oil industry needs to add 5mbpd of new production capacity each year to offset natural declines according to OPEC.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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