Hi Zippo
Yes the low hanging fruit has been harvested. The oil field in Brazil you mentioned is the Tupi field it lies in deep water and they have to drill though salt to get at it.
Even its most optimistic reserves would keep the world going for only 6 months and it will be at least 5 years before its at peak production.
Another real problem is exports of oil. Saudi Arabia as one example has managed to produce slightly more oil each year but is exporting less each year because of domestic use.
Cheers Whisky
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