LONDON—The prospect of rising oil prices has the global energy industry considering a strategy that has been unthinkable for much of a two-year-long market slump: Making new investments.
Big oil companies are moving ahead with new spending again, says
“Investments are back,” Mr. Dudley said. “But it’s only going to be the very best.”
Mr. Dudley’s comments highlight a pervasive sentiment among oil-industry executives and government officials that there is light at the end of the tunnel, as they grope through one of the industry’s darkest moments.
For the past two years, the industry has been roiled by