Exploration of new crude oil deposits has fallen to its lowest level in over 60 years, pointing out the potential lack of the fossil fuel within the coming decade. In 2015, oil exploration discovered 2.8 billion barrels and associated liquids, according to IHS company data. It is the lowest annual discovered volume since 1954, which clearly reflects declining exploration operations, as oil companies are keen on cutting their expenses. Most of the newly discovered crude deposits are deepwater. It takes seven years, on average, to develop such deposits and begin producing oil from them, therefore, current exploration results could lead to a supply shortage in the mid-2020’s. At the same time, less exploration operations does not point to there being less crude oil in the world. According to Wood Mackenzie, the larger part of additions to oil production this year came from existing oilfields and not newly discovered ones. […]