In 2015 the least amount of oil was produced in the world within the last 70 years. In 2016, probably, a new minimum level will be recorded, believes Wood Mackenzie

In 2015 geological exploration companies found only 2.7 billion barrels of oil - this is the lowest rate since 1947 according to estimates of the consulting company Wood Mackenzie. According to its data, in 2016, at the end of July, oil reserves of 736 million barrels were explored.

In just two years global investment in oil exploration has decreased from $ 100 billion to $ 40 billion, said Andrew Latham, the Vice President of Wood Mackenzie. According to the company estimation, the investment in exploration is likely to remain at such a low level until 2018. The share of exploration costs in the oil and gas industry has traditionally been 18%, in 2016 it will drop to 13%, said Latham.

In future, according to Bjirstrem, this will greatly affect the supply of oil and gas. The effect of insufficient investment in exploration of new fields will be obvious already by 2025 - new explored volumes will be able to compensate for only about 5% of oil consumed in 2016.

The effect of the decrease in exploration activity has already been felt by some companies. In February 2016, ExxonMobil reported that for the first time in 22 years, new explored fields would not be able to recover 100% of the oil produced by the company. The company in three years reduced exploration and production costs from $ 42.5 billion in 2013 to $ 23 billion in 2016. Another large US oil company, Chevron, within the same period reduced capital costs from $ 41.9 billion to $ 25 billion. According to Wood Mackenzie's estimates for mid-June 2016, the total cost reduction for upstream will reach $1 trillion.