2017 has been a pivotal year for the oil and gas industry. Investment cuts, supply chain deflation and project deferrals and cancellations have continued to dominate the agenda. We highlight our key reports on upstream costs and the main trends at a global and regional level. Will this downturn be different for upstream operators and the supply chain? Are the majority of the cost savings made in 2014-17 structural and here to stay – or cyclical and set to erode as the oil price increases?