A new report by Wood Mackenzie has predicted that the current glut in the global crude oil market could reverse within 20 years as exploration in the last four years has been disappointing and gas prone with the price downturn causing large reductions in exploration spend.
The report noted that healthy discoveries during the 2000s with longer lead times mean that there is a strong potential for medium term developments but added that the tough project economics have led to many being deferred.
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