The Energy Journal’s Oil & Gas report provides perspectives on the industry in 2017. The report covers various topics such as the potential of Iran’s upstream oil and gas industry, the challenges faced by large IOCs, and the impact of lower crude prices on the global base oil markets. It also discusses the need for better risk management in the industry and the potential for new business models in the downstream sector. The report concludes that the energy industry is undergoing a significant shift from hydrocarbons to alternative energy sources.