World must spend $540 billion/year looking for oil and gas: IEA
International Energy Agency stated world must spend $540 billion/year looking for oil and gas to maintain current output by 2050. Although global spending may hit $570 billion in 2025, amount is slightly down from 2024, said IEA. In case of oil, an upstream investment absence would remove equivalent of Brazil and Norway's combined production each year from global market balance.