Oil Prices Are Up. Investment Isn't Following

When the International Energy Agency issued its 2026 outlook on energy investment, it had a surprise for its audience, predicting a decline in oil investment, instead of an increase, as the current price environment would suggest. The IEA is not the only one making counterintuitive predictions.

BMI just published a forecast on oil and gas spending this year, and it says the total will decline from 2025. Oil prices and investment trends are no longer in sync.