Total global oil production could decline for the next several years in a row as scarce new sources of supply come online.
According to data from Rystad Energy, overall global oil output will fall this year as natural depletion overwhelms all new sources of supply. But the deficit will only widen in the years ahead due to the dramatic scaling back in spending on new exploration and development.
Statoil says that global capex is set to fall for two years in a row, and is on track to fall for a third year in 2017 as more spending cuts are likely…
via OilPrice.com Daily News Update http://ift.tt/1NXCpfF