Global supply-side pressures could reverse within 20 years as low crude oil prices crimp spending on exploration and production, Wood Mackenzie finds. For the fifth week in a row, oil services company Baker Hughes reported a decline in rig activity in North America, with a 2 percent drop to 431. Last year’s count for the week ending April 22 was 932. Lower oil prices means less capital is available for energy companies to invest in exploration and production activity. If that situation doesn’t improve, experts with analysis group Wood Mackenzie said in an emailed report the global oil market may face long-term shortages. “Over 7,000 conventional fields have been discovered in the last 15 years and, although […]