Falling production to inevitably alter Big Oil's playing field

PARIS

Higher prices meant higher production, which meant everyone had enough fuel to drive stupidly big SUVs.

At least it did until recently. Then something troubling happened. Even as oil prices set records, and even as the investment spigot was cranked wide open to meet relentless demand, some of the world’s biggest oil companies were incapable of pumping as much oil as they had before.