Core Insights - Upstream oil investment declined by 2.5% year-on-year to $420 billion in the previous year due to low oil prices affecting producers and slowing expansion plans [1] - Companies are prioritizing profitability, free cash flow, and debt reduction over aggressive production growth, a trend reinforced by macroeconomic uncertainty [1] - Investment cuts are expected to continue in 2026, with capital expenditure projected to fall by at least 2-3% year-on-year and more than 5% compared to 2024 levels [2] Investment Trends - North America and Europe are expected to see reductions in investment, which will offset increases in Africa, Latin America, and the Middle East [2] - Non-OPEC liquids and global gas supply are projected to grow around 1.5% each [3] Regional Production Growth - Brazil, Guyana, and Argentina are anticipated to be major drivers of non-OPEC oil supply growth in 2026, contributing to half of the expected 0.8 million barrels per day increase [3] - Brazil's production is projected to increase by 0.2 million barrels per day to 4.0 million barrels per day in 2026, driven by new offshore pre-salt projects [3] - Guyana's production is set to exceed 1 million barrels per day by 2027, with significant contributions from Exxon Mobil's Stabroek Block and the Uaru project [4][5] - Argentina's oil production is expected to average 810,000 barrels per day in 2026, up from 740,000 barrels per day in 2025 and 670,000 barrels per day in 2024, driven by Vaca Muerta shale reserves [5]

TotalEnergies said it sees limited growth in oil production outside the OPEC+ alliance after next year, while global consumption will continue to climb to the end of the decade https://t.co/B8Q7wQemQY ...