discoveries down; crunch ahead (?)

[k1f]

While there's probably still plenty of Oil to be discovered, the news out today is that Oil discoveries for 2015 were at a 70-year low. From Bloomberg: "Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year they'll probably find even less, spurring fears about their ability to meet future demand." This article can be found here; http://www.bloomberg.com/news/articles/ ... fall-ahead

[dan_s]

I expect that by the end of 2017 we'll be talking about the next "Oil Crisis". This is why they call them cycles. A 2% oversupply is a "glut" and a 2% under-supply is a "crisis".

[dan_s]

Per EIA: eight Gulf of Mexico projects started producing in 2015, but that dropped to four this year and only two new projects are expected to start producing in 2017.

Large oil projects all over the world have been put on hold or cancelled all together.