Yes, it's fairly simply.
The world is divided in two, if you want. You have what I would call the OPEC and non-OPEC countries. Inside the non-OPEC countries is where production has really not been increasing over the last five years—or you had an increase in Russia and a decline pretty much everywhere else. When you think about the non-OPEC world, basically the countries outside the cartel, they represent something less than 15% of global reserves—and that includes Russia. All the rest of the reserves are in areas that are not open to investment and/or exploration by the international oil companies.
So if you take 100% of the reserves in the world, if you want, 77% reside in countries or among companies that do not allow third-party access. The exception to the rule is places such as the United States, Canada, Australia, and Great Britain. The rule is that it's not open. It's in Saudi Arabia, it's in Iran, it's in Iraq, it's in Mexico, etc., where you do not have access.
So in the portion of the world that is open—and really, the truly open commercial oil represents only 6% of world reserves, that is, in the U.S., Canada, Australia, and Great Britain—yes, you are reaching levels where you're producing a lot and it's very difficult to replenish your reserves and continue producing at these levels. In the rest of the world, where we do not have access, the problem doesn't seem to be oil under the ground or the reserves of molecules, but access and the capacity for production.
And if you take all of these countries together, which represent something like 35 to 40 million barrels per day of production, there's only one country that's really investing, and that's Saudi Arabia. The rest are not.