Reduced spending by oil explorers will lead to a global shortage of crude within the next few years, according to industry consultant Rystad Energy. While the world’s exploration and production companies need to replace 34 billion barrels of oil every year to meet consumption needs, the companies made investment decisions that will result in only about 8 billion barrels in 2015, Rystad said in a report released Wednesday. Exploration and production spending around the world fell by $250 billion this year and is expected to drop another $70 billion in 2016, according to the report. The industry has idled more than 1,000 rigs and gutted more than 250,000 jobs to cope with oil prices that have fallen by more than half since 2014. Oil services, drilling and supply companies are bearing the brunt of the downturn, having accounted for more than three quarters of the layoffs, according to industry […]