Total warns of looming supply crunch

The world will face a supply crunch by the middle of the next decade, French oil giant Total said in its mid-year outlook. Total also said costs in the areas which account for most of its $18 billion investment budget, such as subsea equipment, onshore facilities construction and pipelines, would fall between 10% and 20% this year on last year's figures.

Total said cuts in oil sector investment since crude prices slid from last year's highs of more than $140 per barrel have have slashed 4 million barrels per day off its estimate of 2015 global oil production capacity.

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