Advertisement

 

According to oil-and-gas consultancy Rystad Energy, oil discoveries in 2017 were the lowest since the 1940s. The consultancy estimated that less than seven billion barrels of oil equivalent were found this year through Thursday. New discoveries have fallen every year since 2014, when oversupply triggered an oil crash that cut its price by more than half. The plunge forced many upstream oil producers to reduce their spending, and helps explain why discoveries are also down.

Advertisement
Advertisement