Oil discovery at lowest level since 1952

Oil discoveries have fallen to a 65 year low, lowest since 1952 as explorers cut billions of dollars of spending to ride out the biggest market slump in a generation. Oil companies reduced spending on exploration to about $40 billion last year from $100 billion in 2014, and could invest as little as $35 billion this year

If exploration remained at current levels, the world could see a supply shortfall of 4.5 million barrels a day by 2035, Wood Mackenzie estimates.

Story via Bloomberg

1 comment… add one
  • Surya

    Does this signifies that market is eager in finding alternate source of resource/energy. Is this a safe point to assume and come out of all oil and oil related portfolio.

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