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Oil Discoveries Have Shrunk to a Six-Decade Low

  • About 12.1 billion barrels of reserves were added last year
  • Exploration spending in 2015 was down 45% from 2 years earlier
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How Sustainable Is the Oil Rally?

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Oil discoveries have fallen to a six-decade low as explorers cut billions of dollars of spending to ride out the biggest market slump in a generation.

About 12.1 billion barrels of oil reserves were found in 2015, marking a fifth consecutive year of decline and the smallest volume since 1952, Oslo-based industry consultant Rystad Energy said in an e-mailed note.