Bernstein Research is just one of the numerous companies and groups or agencies bewailing the recent lack of investment in oil production. The firm estimates that 80% of global oil reserves are held by 15 companies, but that only BP and ExxonMobil have been putting much money into large, long-cycle projects with the potential for big production payoffs. Bernstein noted that, in 2000, companies generally held around 15 years' worth of reserves coverage, but that level has declined to 10 years' coverage today. The company believes that producers with less than 10 years' coverage will struggle to bring their output back up without making some acquisitions.
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