20 January 2023 | Other

Upstream spendings in 2023 will be below 2016–2019 levels

According to a recent report from Moody's Investors Service, aggregate upstream spending will gradually increase by about 10-15% in the coming year. Nevertheless, overall spending will remain below 2016–2019 levels. 

More than half of the additional spending in 2023 will go only to cover cost inflation, leaving relatively little capital for volume growth.

The company analyst also mentioned the restriction of any upstream businesses. That change is inevitable due to several factors. First and foremost are rising oilfield service costs around the world, lingering supply chain delays, and a tight labor market in the U.S.  

According to a chart included in the report showing upstream capital spending from 2015 to 2023, investment this year is expected to be between 460 billion and 480 billion U.S. currencies. That's projected to be $417 billion last year, $384 billion in 2021, and $353 billion in 2020.

Company MarketCheese
Period: 02.11.2026 Expectation: 5150 pips
GBPUSD sell-off targets 1.27000
Yesterday at 10:47 AM 22
Period: 31.12.2026 Expectation: 1610 pips
Go long on AUDUSD with 0.7200 in sight
Yesterday at 10:04 AM 23
Period: 16.10.2026 Expectation: 500 pips
Invest in Brent crude with $106 in view
Yesterday at 08:55 AM 35
Period: 30.11.2026 Expectation: 1000 pips
Buy AUDCAD from channel's lower boundary
01 October 2026 29
Period: 31.12.2026 Expectation: 1000 pips
Buy SPX up to $7,800
01 October 2026 32
Period: 01.11.2026 Expectation: 6300 pips
Go short on USDJPY as intervention odds rise
01 October 2026 31
Go to forecasts