Evidence to support or deny expectations of future scarcity or abundance of crude oil must show whether crude oil supply functions are shifting and, if so, in what direction. The authors estimate oil supply functions for 41 countries for which suitable data are available. Because of the poor...

A gloomy outlook for non-OPEC oil supply is unwarranted. Several countries are still expanding, others show no sign of declining supply, and even those contracting will continue to add to reserves.Evidence to support or deny expectations of future scarcity or abundance of crude oil must show...