The Paris-based International Energy Agency expects upstream fossil fuel spending to fall six per cent this year, marking the first decline since the COVID-19 pandemic. Global refinery investment is expected to slide to its lowest level in a decade. (The Logic)

Talking point: In Canada, investment in liquified natural gas will counter potential drops in other parts of the sector, the IEA said. The country currently has two new LNG projects—Woodfibre LNG and Cedar LNG—under development on the B.C. coast, requiring billions in investment. The agency expects the recent tumble in global oil prices to cause retrenchment among producers, particularly those developing U.S. shale reservoirs, where investment could fall as much as 10 per cent. Oil markets have slumped to their lowest levels in years in response to U.S. trade aggression, as well as OPEC’s moves to ramp up production, which have added to oversupply concerns.