DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.

Helped by output cuts by Organization of the Petroleum Exporting Countries and its allies, Brent climbed to an average price of $70 last year compared to $50 for the period 2015 to 2017. It was trading above $62 a barrel on Monday.

DNV’s annual outlook of the global oil and gas industry showed 70 percent of respondents planned to maintain or increase capital spending in 2019, compared to 39 percent in 2017.

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