Oil and gas exploration investment cuts hit 45-year lows in 2025, creating potential energy supply crisis amid sanctions and Middle East conflict.
Macro & Markets ·
Newly discovered oil and gas fields fell to their lowest count in 45 years during 2025 following sharp cutbacks in exploration spending, according to Nikkei. The decline coincides with Russian oil sanctions and Middle East conflict, conditions OPEC and Russia have flagged as underinvestment risks since 2021. The IEA head characterized the current crisis as larger than those in 1973, 1979, and 2002 combined, while analysts warn more severe consequences remain ahead.