The oil trade solely found about 2.7 billion barrels of recent provide in 2015, a tiny fraction of the annual common for the previous fifty years. The dismal end result was one of many worst performances from the oil trade in many years. 2016 could possibly be even worse.
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The 2015 determine is about one tenth of the annual common courting all the best way again to 1960, in response to Wooden Mackenzie. Shockingly, 2015 noticed the least quantity of oil found in a calendar 12 months since 1947. However with the huge spending cuts extending into 2016, this 12 months the trade is on observe to find even decrease volumes. As of the top of July, the worldwide oil trade has solely reported 736 million barrels of recent oil found.