The volumes of open oil reserves declined to a minimum 1952

The volumes of open reserves of oil in 2015 was the lowest since 1952, amounting to 12.1 billion barrels. This is stated in the report of investment Bank Morgan Stanley, reports Bloomberg. Morgan Stanley, in turn, causes the information received from the consulting company Rystad Energy.

In the report Morgan Stanley States that in 2015 spending of oil companies, compared with 2013 decreased by 45%, reaching about $95 billion.

According to Bloomberg, major oil companies such as BP and Royal Dutch Shell, are seeking to reduce primarily the cost of developing new fields. Morgan Stanley notes that the effects of reduced exploration and development of new fields may appear in the long term.

As noted by Morgan Stanley, if the situation with the development of new fields will remain the same as in 2015, it may be a significant gap between demand and production.

As announced on 23 may, the head of a reputable consulting company IHS Energy Summer Smith, as long as oil prices are low, companies will seek to save on the development.