To be sure, much of the oil world is focused on the supply fears in the near-term. The outages in several OPEC nations, plus the tightening noose on Iran from the U.S. government, could lead to a supply shortfall towards the end of this year, a hole so big that Saudi Arabia could struggle to fill it, even if it burned through much of its spare capacity. But over the long-term, there are also questions about the global oil industry’s ability to supply enough oil to the market. It isn’t the same “peak oil” theory as yesteryear, but there certainly seem to be echoes of that argument bubbling up the surface once again. While the world isn’t running out of oil, there could be a shortage of cheap oil by the early part of the next decade. The majors have cut spending on exploration and development so drastically that […]