Photo: Daniel Acker / Bloomberg via Getty Images

The consultancy Wood Mackenzie predicts that oil industry investment this year in finding and assessing conventional new discoveries will slip again despite the improved price outlook.

One reason it matters: As global crude consumption keeps rising, some experts say that more robust industry investment in finding and developing conventional sources of oil will be needed to avoid a precarious supply situation in a few years, despite the rise of shale.

"Global investment in conventional exploration and appraisal will be around US$37 billion in 2018. This will be 7% less than 2017 spend of US$40 billion, and over 60% below its 2014 peak," Andrew Latham, a top analyst with the firm, said in a statement.

Go deeper: Reuters chatted with Latham and has a story on the report here, including this synopsis of his analysis which notes that the projected decline in exploration spending "masks a modest uptick in drilling activity as lower rig rates and a focused approach on well-charted basins allow firms to do more with their money." He predicts that "activity will be flat to higher."

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Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

What they're saying: Ruth Bader Ginsburg was a "tireless and resolute champion of justice"

Ruth Bader Ginsburg speaking in February. Photo: Sarah Silbiger/Getty Images

Democratic and Republican lawmakers along with other leading figures paid tribute to Supreme Court Justice Ruth Bader Ginsburg, who died on Friday night at age 87.

What they're saying: “Our Nation has lost a jurist of historic stature," Chief Justice John Roberts said. "We at the Supreme Court have lost a cherished colleague. Today we mourn, but with confidence that future generations will remember Ruth Bader Ginsburg as we knew her — a tireless and resolute champion of justice.”

Supreme Court Justice Ruth Bader Ginsburg dies at 87

Ruth Bader Ginsburg. Photo: Tom Brenner/Getty Images

Justice Ruth Bader Ginsburg has died of metastatic pancreatic cancer at age 87, the Supreme Court announced Friday evening.

The big picture: Ginsburg had suffered from serious health issues over the past few years. Her death sets up a fight over filling a Supreme Court seat with less than 50 days until the election.