Oil majors put the future on hold

From FT:

“The world has less spare oil capacity than it did on the eve of the 1973 oil shocks. Despite that, big international oil companies are ignoring the incentive of record-high oil prices and are not investing in finding and developing new fields.”
http://news.ft.com/cms/s/f750f07c-00b0-11d9-9d96-00000e2511c8.html