The number of newly discovered oil and gas fields worldwide dropped to a 45-year low in 2025 amid a significant decline in exploration investments, Nikkei reported on Tuesday.

OPEC and Russia had warned of underinvestment risks in 2021. Five years later, the situation deteriorated further due to oil sanctions against Russia and ongoing conflict in the Middle East.

The head of the International Energy Agency (IEA) described the current situation as the largest oil and gas crisis in history, surpassing those of 1973, 1979 and 2002. Analysts have warned that the worst is yet to come.