Lack of discoveries,offshore drilling pressure oil

A lack of significant oil discoveries,coupled with the fact that very few ultra-deepwater rigs are currently contracted,means supply is likely to fall in the coming years,pushing up prices,according to Tudor Pickering Holt.Only 11 out of Transocean's 30 deepwater rigs are contracted.That means that for growth,the world will rely predominantly on the Permian basin,Saudi Arabia,Iran and Iraq for growth in coming years as existing production falls off.Those four main producer areas aren't likely to be able to meet growing demand in coming years.