Global annual upstream spending needs to increase by as much as 54 percent to $542 billion if the oil market is to avert the next supply shortage shock, Moody’s said in a report on Thursday carried by Bloomberg. Currently, oil exploration and production (E&P) companies around the world are underinvesting in supply as they continue to keep capital expenditure (capex) low after the 2020 price crash and crisis, Moody’s notes. Annual upstream investment crashed by around 30 percent in 2020 and has only slightly recovered since, according…

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