Mar 19, 2026 · As the energy transition grows more troubled, the world has recognized a greater role for oil and gas in the future . Headlines suggest upstream oil and gas has regained political support, but the business has permanently changed. Three new realities are shaping the future of upstream . Mar 19, 2026 · As the energy transition grows more troubled, the world has recognized a greater role for oil and gas in the future . Headlines suggest upstream oil and gas has regained political support, but the business has permanently changed. Three new realities are shaping the future of upstream . In 2024, the crude oil and natural gas market navigated a complex landscape of controlled OPEC+ supply and variable demand, heightened geopolitical tensions, macroeconomic weakness, and a continued focus on energy transition. In 2024, the crude oil and natural gas market navigated a complex landscape of controlled OPEC+ supply and variable demand, heightened geopolitical tensions, macroeconomic weakness, and a continued focus on energy transition. Union Minister Hardeep Singh Puri hailed the move as a 'new era,' saying it … In 2025, the US macroeconomic, geopolitical, and energy landscape shifted in ways few could have anticipated.