Global upstream merger and acquisition (M&A) activity is expected to slow significantly in 2025, following two years of consolidation in the US, according to Rystad Energy. The M&A deal value in Europe decreased by around 10% year-on-year in 2024, and the outlook for future M&A activity in Europe remains uncertain due to fiscal policy in the UK. However, North America is still a leader in M&A activity and will continue to play a key role in maintaining the market's health. The Middle East is also emerging as a significant center for M&A activity, with deal value reaching nearly $9.65 billion in 2024.