Production will peak and decline and oil prices will rise.

In spite of projections for growth in non-
OPEC supply, it appears that non-OPEC and non-Former Soviet Union Countries (non-
FSU) have already peaked and are currently
declining

Once OPEC’s excess productive capacity is
gone and its oil production peaks, OPEC exports will begin an inexorable decline. At
that point in time, the oil markets will shift
from what has traditionally been a buyer’s
market to a seller’s market. The production
decline and shift of control to the sellers could
produce escalating world oil prices.

A serious shortfall can only be avoided through proper planning and effective action to enable development of these resources before the coming crisis.
DOE