Several fields are declining of have collapsed in recent years. The Saudis
are no longer talking about increasing pumping but holding back for the
future, mostly because they are at max. New oil finds are usually not
reported accurately. Like the Jack field, how much will it cost to drill
under 7000 feet of water and pump oil up well over 20,000 feet. The
Canadian find will require expensive vertical drilling and fracturing. Not
cheap.
It will not make much difference if there is plenty of oil if the cost
translates to several hundred dollars a barrel. Will you be able to afford
to eat and drive with fuel costs are near $10?