Oil's Drop Brings `Staggering Losses' on Global Reserves: Chartby
Plunging oil prices have cost energy-producing companies and countries tens of trillions of dollars worldwide through declines in asset values. The chart tracks the estimated value of proved reserves, based on annual data compiled by the U.S. Energy Information Administration and averages for a Bloomberg oil-price index. Figures for 2015 and 2016 are based on 2014 reserves, the most recent available, and don’t reflect any required cuts because of lower prices. Owners of these reserves have suffered “staggering losses” and are reacting “as surely as falling U.S. home prices affected consumer behavior in the last recession,” Millennium Wave Advisors LLC President John Mauldin wrote Saturday in a report.