Friday, June 2, 2017
(June 2, 2017) Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, reports the Paris-based International Energy Agency (IEA). The agency warns that both trends could continue this year. Oil discoveries declined to 2.4 billion barrels in 2016, compared with an average of 9 billion barrels a year over the past 15 years.