‘At rock bottom’: Oil discoveries at 70-year low signal supply shortfall ahead
Quote:
|
With oil prices down by more than half since the price collapse two years ago, drillers have cut their exploration budgets to the bone. The result: Just 2.7 billion barrels of new supply was discovered in 2015, the smallest amount since 1947
|
‘At rock bottom’: Oil discoveries at 70-year low signal supply shortfall ahead | Financial Post
However the article says impact of reduced exploration on prices isn't expected to hit for several years at the soonest.