SP, page-65

And just as an addendum,
Exxon, the world's largest has just got scolded for committing a large part of their forthcoming capex to offshore drilling. The shareholders cannot understand it. I can. We are running into a forthcoming oil crisis. OPEC overdid it resulting in little investment over the last 4 years.. Oil cycles are long cycles.
These Exxon guys are ahead of the pack. New supplies are urgently required. That is what this Saudi/Russia message is all about.

As inventories fall it will become apparent.

Buy oil.