Abstract: Global oil companies have cut their upstream spending since slump in oil prices in the latter half of 2014. Upstream spending will gradually grow with the rise of oil prices. To some extent, the pace and trend for the rise of upstream spending are based on changes in global oil demand and price fluctuations. This is also the important basis for oil companies to make decisions on their production and business. According to the studies made by IHS, BP and EIA, oil price has broken out of its trough and will start to rise in slow fluctuations. The oil industry, as a whole, enters into a “cautiously optimistic” period. Oil companies have made remarkable achievements in their cost-effective measures thanks to low oil prices, with business spending kept falling. The cost for non-conventional oil and gas development was reduced nearly 30 percent in the United States while the operational period of offshore projects was shorten dramatically. Most of international oil companies can maintain their efforts for cost reduction. With oil prices kept stable, global upstream spending will rise steadily in next few years. From a short-term prospective, non-conventional oil and gas spending will grow rapidly in North America while the medium-term growth is in the areas of deepwater, compact oil and liquid natural gas. However, spending for offshore projects remains sliding for one or two years.

摘要：

关键词: 石油工业, 上游支出, 油价, 钻机数量, 非常规油气, 开发成本