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Oil and Gas Discoveries Are at 1940 Levels

We at CM believe that an oil shortage is coming:

  • Global oil consumption is over 35 billion barrels annually.  
  • Global discoveries of oil and natural gas in 2017 totaled only 6.7 billion barrels annually of oil equivalence - a level last seen in the 1940s. 
  • Average oil discoveries over the past 6 years have been approximately 15 billion annually. 
  • Since 2014, exploration expenditures fell over 60 percent due to low oil prices and cash flow. 

Disclosures: The source for data sited in the bullet points is Oil and Gas Journal.  The viewpoint featured is not intended to be personalized investment advice. There can be no assurances that we will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. Forward-looking statements are not guaranteed. Information was obtained from third party sources which we believe to be reliable but are not guaranteed as to their accuracy or completeness. Past performance is not indicative of future results.