Industry majors will remain "disciplined" with their capital spending this year, as companies are no longer prepared to pursue production growth at any cost”, according to an analyst report.

While an agreement from Opec and non-Opec producers to deal to limit output has shifted market sentiment and there is more optimism over the prospects for a modest oil price recovery, the mood is still “cautious”, financial consultancy EY stated in its outlook for the year. 

EY’s