Oil discoveries at 70-year low signal a supply shortfall ahead
Drillers have slashed their exploration budgets after prices tumbled by more than half two years ago
Wed, Aug 31, 2016 - 5:50 AM
Oil prices remain at about US$50 a barrel as a glut caused by the US shale boom (above) sent prices crashing. When Opec decided to continue pumping in a Saudi-led strategy designed to increase its share of the market, US production retreated to a two-year low.
EXPLORERS in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they'll probably find even less, spurring new fears about their ability to meet future demand.
With oil prices down by more than half since the price collapse...