[SoothSayer]

Is much oil supplied under long term contracts to countries?

If major consumers such as China sign deals with "late peaking" or "long plateau" suppliers such as Saudi, will this mean that Peak Oil will hit the rest of the world earlier and harder?

What might be the political reponse be from the USA and Europe if they found that much of the world's oil supply had been signed away on long term contracts?

I can forsee a lot of international grumpiness about these contracts ...