February 2024
2024 Forecast and Review
Global capex growth is slowing
Worldwide E&P spending is set to increase 5% in 2024, decelerating from 11% in 2023, with the global upturn extending into a third year. North American spending growth should moderate to 2.2% in 2024, following 19% growth in 2023. The majority of spending increases have shifted to international and offshore markets.