Natural gas and oil investments around the world may be lower today, but activity and production levels remain on par with the industry’s halcyon period between 2010 and 2014, according to Rystad Energy.

“Persistent claims of chronic underinvestment in the global oil and gas industry are overblown,” researchers said. Upstream Investments have declined since spending peaked in 2014 at $887 billion, with about $580 billion expected to be invested this year. And the number of completed wells is forecast to plunge to around 59,000 this year from 88,000 in 2014.

“As a result, many market participants predict that this trend will continue and lead to chronic underinvestment and an oil supply shortage in the coming years,” the Rystad researchers said. “However, our modeling...