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Capital spending, exploration return

Demand, especially from China, drove the commodity boom that petered out in 2012. Supply is shaping as the driver of the next growth phase, with a number of recent reports pointing to the first signs of peaking supply of key commodities.

Capital spending, exploration return Capital spending, exploration return Capital spending, exploration return Capital spending, exploration return Capital spending, exploration return

Big wheels keep on turning: the commodities cycle continues to turn and years of underspend mean it is on the way up

Whether that’s a surprise to anyone is probably a reflection of their age and a lack of understanding of the cyclical nature of commodities, with price doing most of the work.