Monthly Global Upstream Review, February 2017 - Decline in Global Capex Outlook
Globally, upstream oil and gas production is expected to decline by around -1.7% over the 2017 to 2021 period. Total production outlook to 2021 has decreased by more than 500 million barrels of oil equivalent (mmboe) when compared with the January 2017 report. The average capex is expected to decrease by a marginal -0.2% over the next four years. The number of planned projects coming online in the 2017-2025 period is expected to be the highest in South America among all the regions, followed by Europe.
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