From the Economist I learn that oil production by the so called oil majors has fallen by 9% last year

http://www.economist.com/business/displaystory.cfm?story_id=10104852

That's not to say overall oil production has fallen, or indeed that the world is running out. Despite the name the majors don't account for the majority of world oil; that comes from the National Oil Companies of places like Saudi Arabia, Kuwait, Venezuela, Nigeria and so on. Still, with a shortage of 12.5 million barrels per day predicted for 2015 it seems we should expect the current high oil prices to continue...