Oil and gas firms expect to increase capital spending in 2018

More than two-thirds of 813 senior oil executives surveyed by DNV see capital spending rise in 2018. DNV, a technical adviser to energy industry sector, also reported that confidence that industry would grow picked up 63 percent this year from 32 percent last year.

Intentions to boost capex indicates the oil and gas industry is becoming more confident about the oil rally but also hints at increased supplies next year.