Conventional oil is still the mainstay of global production & spare capacity in the ' header tank' is also conventional & primarily Saudi oil at that. 

Until recently the talk ( IEA included ) was that giga trillions of dollars invested would be needed to ensure sufficient oil supply. 

Suddenly the media is saying U.S. doesn't even need a navy to protect it's energy sources, Russia is broke & all the M.E. countries will go into decline. 

Meanwhile the financial sector trashes oil stocks as worthless since oil & gas is so abundant. 
Nuclear & alternatives are history & a new era of abundant cheap energy is upon us. 

Great.