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. Spending on oil and gas globally is s