Islamic state fighter observing Saudi backed Shi'a militia in Kirkuk province before a night assault
IHS: "“The fall in discovered volumes for conventional oil outside North America, in particular, has been steady and dramatic during the last few years,” said Leta Smith, Ph.D., director, IHS Energy, Upstream Industry Future Service and lead author of the IHS Energy Conventional Exploration and Discovery Trends analysis. “Oil and gas volumes discovered in 2015 were the lowest in 64 years,” she said. “We’ve seen four consecutive years of declining oil volumes, which has never happened before. The bottom has completely fallen out for conventional exploration, and the result portends a supply gap in the future that is going to be challenging to overcome. In the current cost-cutting environment, the outlook for 2016 discovery volumes is not likely to be better, either.”"