Wood Mackenzie expects global spending on oil exploration and production to rise to $450 billion, up 3% from last year. It expects 20 major oil projects to get the green light, more than double the number approved in 2016. But that boom was supported by oil prices that surpassed $100 per barrel. Per Magnus Nysveen, head of analysis at oil consulting firm Rystad Energy, forecasts that approvals for major oil projects will take longer than expected and many may only materialize in 2018. He expects 2017 global spending to be roughly on par with last year.

Source: CNN January 11, 2017 14:18 UTC