A shrinking reserve base means that the oil price will be much more volatile in the future and also that we will see three-figure price bursts again. Not only once. The conventional oil industry is too slow to react to those price bursts positively but shale is not. At USD 100 pretty much any shale oil field in the US will be profitable. The conditions for a perfect storm are gathering. And when it happens, politics might already be friendlier to oil again as well. You ain’t seen nothing yet in shale.
The oil reserves of international oil companies have collapsed over the last 5 years, and now the stability of the entire oil market is under threat