Xfuels Inc (XFLS)

[Jose Chavez]

Under investment in energy production left the world short on oil supply, lifting crude prices even prior to Russia's invasion of Ukraine, chief executive Oliver Le Peuch said today at the CERAWeek by S&P Global conference in Houston, Texas. That laid the groundwork for a brewing global up cycle in onshore and offshore production, he said.

Producers are starting to increase their capital spending to increase production as well as to reduce carbon emissions.

"We see customers ready to spend, ready to uplift their spend," Le Peuch said.