The current dramatic cuts in exploration and production will have a long-lasting impact on the global oil market, with oil prices spiking to above $68 a barrel in 2025, when there could be a supply deficit of 5 million barrels per day, Rystad Energy said this week. “Even though the world is currently facing what is arguably the largest oil glut ever recorded, the tables will turn dramatically in coming years,” the energy research firm said. As all oil companies moved into survival mode after the oil price crash in March, investments in exploration and new production are set to be delayed because companies are looking to preserve cash and avoid cutting dividends–something oil majors Equinor and Shell just did. So, global investments and project sanctioning activity are already drying up this year. Due to the oil price crash, Rystad Energy expected at the end of March that exploration […]