No Signs Of Oil Shortage After Drop In Spending -BP CFO


No Signs Of Oil Shortage After Drop In Spending -BP CFO

BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company’s Chief Financial Officer Brian Gilvary said on Thursday.

Although investment in new oil and gas projects more than halved following the collapse of oil prices in 2014, U.S. shale oil production has surged in recent years as drillers adapted.

The U.S. output growth helped offset production cuts by OPEC and several major producing countries since 2017.

Gilvary said BP still hadn’t seen indications of declining production in U.S. shale as well as non-OECD countries such as the Middle East. Read More

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