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Shortfall in production if upstream investments remain low in 2017
Nov 18: Another year of low upstream oil investment in 2017 would risk a shortfall in oil production in a few years’ time.
8The conventional crude oil resources (e.g. excluding tight oil and oil sands) approved for development in 2015 sank to the lowest level since the 1950s, with no sign of a rebound in 2016.
8If there is no pick-up in 2017, then it becomes increasingly unlikely that demand (as projected in our main scenario) and supply can be matched in the early 2020s without the start of a new boom/bust cycle for the industry.
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