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Oh dear. Another journalist that doesn't understand the oil industry.
Supply is growing at roughly the same rate as demand although demand has accelated recently. The killer is depletion which is running at three times those rates.
Oh, and over six months between late 98 and the middle of 99 the oil prices was at or around $10 for a total of 22 days. Please get it right.
Who will supply the world? Good question.
The top ten consumers currently are: the US at 25% (20M barrels a day), China 8%, Japan 7%, Germany 3%, Russia 3%, India 3%, Canada 3%, 3% South Korea, Brazil 3%, France 2%.
New discoveries aren't going so well. For example the new find in Brazil of maybe eight billion barrels would feed consumption in the US for only one year.
Renewable energy is surely the answer. However Westminster doubts this, according to leaked documents.
