I have read up quite a bit on the depletion rates of the largest oil fields and the impact on future rates of extraction of conventional crude as it relates to peak oil, and it all makes sense.
My question relates to some countries with large proven reserves of conventional crude, but where the current rates of production are lower than they could be due to lack of capital investment. In other words, the countries have large fields that are relatively untapped so still potentially on the "up" side of the production slope not the "down" side due to depletion.
My impression (and I may be mistaken) is that the above applies to Iraq, Iran, possibly Russia, and possibly Venezuela.
Just wondering whether I am all wet on this, or whether these reserves have been taken into account in depletion modeling.
It would seem to me that if I am correct, then as peak oil constraints materialize the quickest way to add supply would be capital investment in these countries. Given the proper economic incentives, this could happen relatively quickly.
Curious to get input from those who know...