That figure marked 20% growth from 2011, when spending by top oil majors and independents stood at $155.2 billion. It also represents a major rebound from a 2009 low of $74.8 billion following an oil price crash in the 2008 market meltdown.
US proved oil reserves are also at a five-year high at 23.32 billion barrels, having grown 13% since 2012.
