Production growth for most companies has been very elusive or nonexistent. Keeping it flat is a major feat.
I believe OPEC will be forced into a situation to raise production if prices remain at high levels.
There's concern that Iraq knows it's in a position that if it pulls its production off the market it would have significant implications on moving oil prices sharply higher.
There's a lot more value in both the integrated and independent exploration and production companies. They haven't moved at nearly the same pace as the oil service companies.