Global upstream spending to reach record in 2014: Barclays

摘要

Global upstream spending should reach a record $712 billion in 2014, up 6.2% from last year, despite pullbacks in capital outlays from major oil companies, Barclays Capital said in June. The majority of spending growth for 2014 will take place in North America, where oil companies' capital budgets should jump 8.4% yearon- year to $209 billion, up from an expectation in the bank's December outlook of 7.3% as operators seize on healthy commodity prices and what Barclays characterized as "record" resource inventories.