In its November 2025 piece, The Quiet Retreat, Carbon Tracker argues that, despite political calls for more oil and gas financing, many international oil companies are acting as if long-term demand growth is uncertain. After a decade of capital discipline, investment in new oil and gas supply has stabilised well below the 2014-2015 peak, and more cash is being returned to shareholders rather than used to expand production. Episode 1 examines what is driving that behaviour, and what it signals for investment decisions across the energy system.
31 mins