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Oil exploration has fallen to its lowest level in 60 years

The exploration of oil has fallen to its lowest level in 60 years, which indicates a possible lack of hydrocarbon reserves for the next decade.

According to the consulting company HIS, in 2015, oil exploration discovered 2.8 billion barrels of oil and related liquids.

This is a record low level since 1954 that reflects a slowdown of the exploration works. Such a situation will lead to the reduction of oil supplies in about ten years, and to the subsequent rise of oil prices, writes the FT.

A slow pace of oil exploration does not mean that the world is running out of oil. Thus, according to the consulting company Wood Mackenzie, in recent years the increase of most of the world’s oil production fell on already existing oil reserves than new ones.

Source: «News.am»