Once the reality of Peak Oil sets in, I predict that we will begin to a movement in net exporting countries with refining capacity toward restricting exports.  It's a win-win proposition for the exporters.   They get to sell less oil at a higher unit price, while preserving more reserves for future generations.   The proposition is simple.  Do the exporting countries want to deprive their children of a future so that overweight Americans can continue driving overweight Urban Assault Vehicles to and from $500,000 mortgages?  Of course, there is also the rapidly increasing domestic demand factor in net exporting countries.

From the point of view of net importers, I would not view the plans for more refineries in Russia and Saudi Arabia as a positive development.  

BTW, I just read a news item regarding Russia.  Year over year production growth continues to fall, continuing the trend we have seen for about three years.  The latest year over year increase (for February, 2006 versus February, 2005) was only 1.5%.   Before production starts to fall, it stops growing.  With growing domestic demand, I bet that Russia has already started showing declining net oil exports.