OPEC expects non-cartel investments in hydrocarbons to grow by 10% in 2023
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Investment in oil and gas exploration and production in countries outside the Organization of the Petroleum Exporting Countries (OPEC) in 2023 will grow by 10% compared to last year’s level to $474 billion, according to an OPEC report published on May 11. In 2022, investments increased by 20% to $431 billion, which means that the organization expects investment growth to slow down this year.
The report notes that capex for exploration and production of oil and gas in Norway, Brazil, the United States and Canada will grow by 26%, 15%, 12% and 8% yoy, respectively (the organization does not provide absolute figures). OPEC expects investment in 2023 to exceed pre-coronavirus spending in 2020, but still far from the record $747 billion recorded in 2014.
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