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Oil exploration's rapid reduction could lead to world oil supply crisis: report

Xinhua, March 9, 2016 Adjust font size:

Oil exploration's rapid reduction in the rest of the world could trigger a sooner-than-expected oil supply crisis, according to a report released by a Houston-based investment bank on Monday.

The current global oil glut is distracting from the future supply of crude as most of the world is quickly cutting back on the number of rigs actively operating for oil, and the huge number of layoffs in the global energy sector will only delay a recovery of the world oil market for a longer time, said the Houston Chronicle, citing the report of Simmons & Co. International.

Countries like Saudi Arabia in the Middle East are still active amid low oil prices, but the rig count in the world has fell by 30 percent to 43 percent since mid-2014 in other regions, said the newspaper.

In Africa and Latin America, the rig count dropped by about 43 percent while such a count fell by 30 percent in Europe and the Asia-Pacific region, said the newspaper. Endi