Amid all the focus on the energy transition and the need for low-carbon initiatives, global demand for oil and gas is poised to climb to unprecedented heights before the end of this decade, even as renewable energy sources take a larger share of the energy mix. Adding to the intrigue, some of the first policy moves by US President Donald Trump after moving back into the White House included a withdrawal from the Paris Agreement, a suspension of offshore wind energy permitting, and a reversal of programs supporting the adoption of electric vehicles. Flipping the script, Trump gave a strong endorsement to more domestic oil and gas exploration and production, while also revoking former president Joe Biden’s freeze on new LNG export facilities. The energy supply chain is doing its best to stay on top of the shifting sands.

We note that the outlook for 2025 includes a softening of oil markets, brought about by abundant supply, thus putting pressure on OPEC to tighten by maintaining cuts. Gas markets are tight due to strong winter season draws from storage in the US and Europe, and we expect this situation to last through the year as storage levels are refilled. Meanwhile, capital expenditure in the upstream oil and gas sector is forecast to remain steady at $600 billion, which should be sufficient and needed going forward to increase non-Opec supply to match global demand growth.

Join us for this year’s first edition of our Rystad Talks Energy webinar, where our senior experts explore the critical challenges and opportunities shaping the energy landscape in 2025. We’ll delve into the balancing act between low-carbon initiatives and traditional oil and gas, with a spotlight on the Middle East. Key discussions include the impact of inflation, capacity challenges, and market saturation on rigs and wells, as well as trends in capex and opex strategies. Gain insights into how geopolitical risks and local versus global EPC dynamics are reshaping the supply chain sectors in this pivotal region.

Discover how upstream activities are evolving globally, with offshore emerging as the new growth frontier and gas rising as the dominant resource. We’ll also evaluate short-term and long-term OPEC scenarios and the potential of renewables to disrupt traditional energy markets. This session provides a comprehensive view of how 2025 is set to redefine industry strategies and market dynamics.