Mention of the 'geo-political' difficulties relating to OPEC and the cartels inability/reluctance to dramatically increase production. Increasingly these countries are going to realize that their oil reserves are going to be worth more and more the longer they remain in the ground. What is their incentive to rapidly increase production to satisfy our needs in the short and medium term?
I'm not sure how serious a risk this is - I mean yes maybe they will see that their oil will be worth more in the future than today but they have bills to pay today. Many OPEC countries have rapidly growing populations and really very low per capita incomes, they aren't all that wealthy. Additionally it's certainly not in their interest to restrict oil supply such that high prices caused recession and significant demand destruction. Governments don't tend to give up short term gain for long term gain so I expect all produces are cashing in.

Investments might be lacking due to a perceived risk of future oversupply and price collapse though.

Yes, you're right of course. I didn't want to get too technical and detailed. I fear this question may have a lot to do with different 'perceptions.' It's clear that they want to sell and we want to buy. However, we may perceive that they are 'dragging their feet' and they could do much more to increase production. It appears that we have already 'interpreted' the recent problems with the supply of Russian gas, in a very negative and anti-Russian way. Maybe the 'message' from Russia was, we don't have as much gas as you think we have. In last few months I've both read and heard both politicians, oilmen and analysts discussing Russia and OPEC and how they both need to 'liberalize' and open their countries to outside investment and expertise, so that oil production can be increased to satisfy our needs. I was just speculating about how, in an increasingly energy hungry world, our 'patience' with them might begin to run out. It was meant to be a prophecy, at least I hope not!
Sorry, I meant to say, 'It was not meant to be a prophecy.' Perhaps fate is trying to tell me something.