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Oil Spending Won’t Recover in 2022 as War Riles Market, IEF Says

  • IEF sees crude investment below 2019 levels for a third year
  • OPEC+ has chance to raise production after cuts end in August
A structure burns in Druzhkivka, Ukraine on June 20.

A structure burns in Druzhkivka, Ukraine on June 20.

Photographer: Scott Olson/Getty Images

Global oil investment will be stagnant this year and may even decline as producers deal with surging inflation and volatile prices caused by Russia’s war in Ukraine, according to the International Energy Forum.

Crude prices have risen following the invasion in February, as uncertainty over supply security has riled markets. Meanwhile, OPEC and its allies have been slow to unwind coordinated production cuts, with some members of the group also struggling to restore output amid political protests.