The U.S./Canada and Opec are the only places which have grown...

The U.S./Canada and Opec are the only places which have grown production over the past decade .

Production in the rest of the world has declined .

The over-investment caused by $100+ oil was not confined to the U.S. yet the extra production from the rest of the world has not materialised yet .

Huge amounts have been spent on exploration with disappointing results for oil so perhaps majors like Shell and BP are right to cut the exploration budgets and distribute the savings as dividends - but it looks short termist to me .

It looks like cuts to production are going to come from decline and reduced investment in the rest of the World , not Opec or the U.S. but the UK North Sea , China's domestic production etc .

Don't forget , consumption is still rising even though the economy is slowing down .

Still think there must be a goldilocks price which attracts investment but does not cause over-investment - maybe $80 .