Upstream supply chain: 5 things to look for in 2024

Resilience, sustainability, and efficiency continue to be watchwords for the upstream sector. And – as our global upstream outlook highlights – 2024 looks set to be heavily influenced by geopolitical tensions, a record year for elections and economic uncertainty.

So, what does all that mean for the upstream supply chain? We have drawn on unique insight from our Upstream Supply Chain Suite to make our predictions for the key themes to look out for in the year ahead.

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A generally positive outlook for the upstream service companies in 2024

Capital efficiency from both service companies and operators, and solid demand will persist. For service companies this means improved pricing, and a generally positive outlook.

However, inflation aside, we do not see significant long-term revenue growth for service companies. Industry-wide, the sector is close to peak activity, which translates into incremental rather than exponential growth. Increased competition could drive more strategic partnerships and consolidation.

Key questions for the year ahead include:

• Flattening upstream investment: how will service companies respond?
• Offshore demand: is there still growth potential?
• Service company investment: will capital discipline hold
• Inflation: will this continue to rise?
• Project execution: can gains be maintained?

To read our view on how these themes will play out read Upstream supply chain: 5 things to look for in 2024.

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