The future oil supply and price

The oil supply cut has beaten the market expectation, while the rate of the new oil and gas discoveries is lower than the previous rate. These two factors will push the oil price higher in the short and median terms, and the supply will decrease further. There will be fewer and fewer oil and gas discoveries in the future, the supply will be affected and the oil industries may need to improve their technologies in order to improve productivity or find an alternative product, but given the current alternative energy industries, it is unlikely for these oil and gas companies to enter the markets without acquiring an existing alternative energy company.
Once the number of new oil and gas discoveries is declining over years, the oil suppliers are forced to reduce their supply quantities. In addition, they also need to meet the market demand, as under the current situation, if the oil supply cannot meet the market demand, there is a high possibility that could lead to an economic crisis in a global scale and the oil suppliers will also suffer the consequences of the crisis and face financial and economic oppositions. Moreover, companies and countries also see it, the spending on research and development in alternative energy I think will increase, as people may feel more and more urgent to develop a sufficient energy source to meet the market demand. Though in some countries the alternative energy industries are believed to heavily depend on subsidies from the governments, which make their businesses seem vulnerable and unsustainable, and some countries have started to cut the subsidies, I think that the subsidies may continue until a sufficient energy source that can meet the same power standard of the fossil fuels is developed. Especially when the oil price continues its increasing trend, more subsidies may be introduced and the alternative energy industry will be more competitive and attract more sources and investment.
Therefore, the future oil supply is very likely to have a declining trend and the price will increase as long as no alternative energy source can have the same kind of power as fossil fuels have. However, it will create more room for the alternative industry to develop.