Production and actual reserves are totally different. When I was working in the Texas oil fields around 1980, the price of oil collapsed from the mid/high 30's to the teens per barrel.
All that caused was a shutdown of the production from the wells in the US. Why sell oil if it is cheaper from other sources? Same in any commodity market. Look at the corn prices because of Ethanol.
They were screaming about running out of oil, gold, silver, iron, etc. over 100 years ago during the industrial revolution. Guess what, it didnt happen. We just kept finding more. Not sure when this will end, but I am not going to promote panic over it.