Considering that “very few new developments have occurred since 2022”, it is not surprising that a moderate decline in investments in field development is indicated this year. But this decline in investment in field development is being offset by expectations of a very high planned investment activity in fields on stream, the statistics office said.
Last week, eight OPEC+ countries announced they would phase-out voluntary oil output cuts by ramping up output by 411,000 barrels per day in May–equivalent to three monthly increments. In other words, the Saudis are signaling they might be willing to give up their long-time role as OPEC’s swing producer in an attempt to take a tougher stance against countries that continue to violate the output pact, most notably Kazakhstan, the UAE and Iraq.
OneSource Professional Search describes itself on its website as an executive and technical search firm. Mount told Rigzone that the business focuses primarily on U.S. oil and gas jobs or companies that are based in the U.S. with international operations. Mount also highlighted to Rigzone that OneSource Professional Search was acquired by Boston-based Xenspire Group in September 2024.
Despite the growing emphasis on natural gas with international majors exploring and putting online gas projects and LNG export facilities around Africa, projections indicate that liquid hydrocarbons will still hold the lion’s share of capex, attracting 60% of the total investment through 2030. But natural gas is gradually gaining ground and its share of annual expenditure is set to increase from around 30% in 2023 to more than 40% by the end of the decade, the African Energy Chamber’s report says.
The Chinese economy will also be key to oil market balances this year, as in any other year. Analysts are eager to see the direction of the economy in 2025 after the lackluster growth in 2024, when China barely hit its GDP growth target amid a series of hits and misses in key economic data points.
Chinese state-held oil and gas giant CNOOC is keeping its capital expenditure flat this year compared to 2024 as it lowered its oil and gas production growth target, although it still expects annual output records going forward.
The president-elect has made no secret of his attitude to Iran, and he demonstrated that attitude during his first term when he withdrew the United States from the Joint Comprehensive Plan of Action, commonly referred to as the Iran nuclear deal, and slapped back sanctions that the JCPOA had put an end to previously. The administration that took over in 2020 did not pay as much attention to Iran and sanction enforcement.
Last month, a survey by law firm Haynes Boone LLC revealed that banks are gearing up for oil prices to fall below $60 a barrel by the middle of President-elect Donald Trump’s new term. The survey of 26 bankers showed that they expect WTI prices to drop to $58.62 a barrel by 2027, nearly $20 lower than the intraday price of $76.22 at 12.00 pm ET on Wednesday.
The factors outlined—ranging from AI’s energy demands and geopolitical disruptions to countries’ net-zero goals and nuclear policy shifts—suggest a strong long-term case for uranium demand and higher prices. While near-term uncertainties may create volatility, the resurgence of nuclear energy globally positions uranium as a critical commodity for the future. By mid-2025, a rebound to levels of $90–$100 per pound seems increasingly plausible.
The IEA said demand from China, the world’s biggest importer of oil, has “slowed markedly” as its economic growth has sputtered, while emerging Asian countries would lead gains in 2024 and 2025.