Oil industry needs $500 billion to avoid future supply crises, says Moody’s

World Oil | Oct 7, 2021 at 2:00 AM
  • Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years.
  • Any such squeeze would come atop the current crises afflicting Asian and European economies scrambling to shore up fuel stockpiles as winter approaches and prices seemingly break records on an almost-daily basis.
  • If they raised to to the credit-rating firm’s recommended $542 billion, that would be the highest worldwide since 2015.