“The fall in discovered volumes for conventional oil outside North America has been steady and dramatic during the last few years. We’ve seen four consecutive years of declining conventional oil discoveries, which has never happened before. The bottom has completely fallen out for conventional exploration, and the result portends a supply gap in the future that is going to be challenging to overcome. In the current cost-cutting environment, the outlook for 2016 discovery volumes is not likely to be better, either.”

 

—  Leta Smith, director, market research firm IHS Energy (note: this does not apply to non-conventional oil such as shale oil)