IEA: Oil and gas investment to rebound modestly by 3% in 2017 on US shale

The International Energy Agency (IEA) published its latest report on energy investments, highlighting the following:

Global energy investment in 2016 fell 12% to USD 1.7trln

2.2% of global GDP

2nd consecutive year of decline

Investments in electricity surpassed those in oil and gas for the first time ever in 2016

Oil and gas investment to rebound modestly by 3% in 2017 on US shale

China was leading global destination for energy investments in 2016

The IEA's Executive Director, Fatih Birol, noted: "As the oil and gas industry refocuses on shorter-cycle projects, the need for policymakers to keep an eye on the long-term adequacy of supply is more important. Even with ambitious climate-mitigation goals, current investment activity in oil and gas will have to rise from its current slump."  

"The good news is that in spite of low energy prices, energy efficiency spending is rising thanks to strong government policies in key markets," Birol added.