A look at what’s happening to world crude oil production is disquieting. For example: The only country in the world with additional producing capacity is Saudi Arabia. However, the capacity of that country to increase its oil production meaningfully and to sustain it over the longer term must be viewed in the context of what appears to be faltering production in its aging “crown jewels,” including Ghawar, Abqaiq, and Safaniya that were discovered over 50 years ago. Domestic petroleum consumption in Iran is increasing as its crude oil production begins to falter. Given oil project lead times and the present turmoil, prospects for significantly increasing production in Ira...