Two of the most influential voices in the oil market today separately set out a stark picture of a coming crude supply shortfall. The IEA and state-owned Saudi Aramco both pointed to the sharp reduction in investment levels since the oil price began to fall in 2014, and warned of trouble ahead. The IEA said crude discoveries and project approvals both fell to multi-year lows in 2016, as low prices squeezed investment spending. Discoveries of 2.4bn bl in 2016 fell way below the 9bn bl annual average for the previous 15 years, and the number of projects receiving a final investment decision (FID) last year was at the lowest since the 1940s, it said. “The key question for the future of the oil market is for how long can a surge in US shale supplies make up for the slow pace of growth elsewhere in the world”, said IEA […]