Low oil price puts supply growth at risk
Future oil supply growth could be hit by the fall from last July's peak price of $147 per barrel, according to a new study, with 7.6m barrels per day (bpd) at risk between 2009 and 2014.
The Long Aftershock, a report from Cambridge Energy Research Associates (CERA), states that the inventory of potential new oilfield developments requires sufficient and timely investment in order to meet medium to long-term demand. However, the steep decline in oil prices since last summer has not been matched by an equal decline in the cost of developing new oil fields, or in fiscal terms, the report warned.
As a result, the economics of a significant share of potential future supply growth has
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