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DewDiligence

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DewDiligence

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Re: DewDiligence post# 13271

Wednesday, 04/26/2017 8:19:55 PM

Wednesday, April 26, 2017 8:19:55 PM

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Global oil discoveries fell to record lows in 2016—in sync with sharply reduced exploration spending:

https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

In 2016, oil discoveries amounted to just 2.4 billion barrels of potential oil, the lowest since the IEA’s records began in 1950. That is down from 6.4 billion barrels of discoveries in 2013, when oil prices were consistently above $100 a barrel and 16.3 billion barrels in 2010, the IEA said.

The global oil industry greenlighted projects amounting to over 4.8 billion barrels of oil in 2016, down from 21.2 billion barrels in 2014.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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