Reading this article(part) one is left feeling not very bullish about oil in the next decade.

On the other hand copper and uranium are supposed to star showing deficit 4?? years down the road.

"Iran and Libya have refused to cap output putting any Doha agreement in jeopardy because as the Saudis made all too clear two weeks ago, they won't limit their own production without Iran joining, but for now the market has hope.

Just like Iran, Iraq is boosting output and exports after decades of economic sanctions and war. The country pumped a then-record 4.43 million barrels a day in January, the International Energy Agency said in a report published last month. Iraq holds the world’s fifth-biggest crude oil reserves. Iran on the other hand, has said it won't limit production until it reaches the roughly 4+ million barrell output it had before US sanctions crippled its production.

As for Iran, the WSJ warns that the the upshot from the country's slow return to peak output is that it may have given false comfort to the rebounding oil market. "Some analysts think that the amount of Iranian crude stored on supertankers has even increased. Betting that those barrels won't show up at a refinery soon or that Iran will willingly cut short its return to the oil market would be naive."

For Kuwait and the U.A.E., the goals are even higher. Kuwait plans to raise production capacity by 5 percent from 3 million barrels a day by the third quarter, and to reach 4 million barrels by 2020. Abu Dhabi means to lift production capacity to 3.5 million barrels a day by 2017 from about 3 million.For Saudi Arabia the expansion is as much about gas as oil. The number of rigs drilling for gas there has jumped from about 20 in early 2013 to 60 last month, as the country tries to develop its own resources to support a growing petrochemicals industry and free up oil for export.

The first part of Saudi Arabia's "market share" strategy saw it refuse to continue cutting output to prop up high-cost producers elsewhere. As a result, U.S. production has fallen by about 600,000 barrels a day from its recent peak and other high-cost areas are following.The Saudis may not have announced part two of the strategy yet, but it's well underway.

But what may be most concerning for oil bulls, especially in a world in which demand refuses to pick up to "balance" the massively oversupplied market, is another Bloomberg report that in what would be the second phase of the kingdom's strategy to defend its market share against rival producers (most visibly U.S. shale), Gulf states are planning to raise output capacity to fill the hole left by the lack of investment in new projects elsewhere.

The details:

The number of rigs drilling for oil in three Arab countries has more than doubled since 2010.

All three saw drilling reach at least 20-year records in 2015 and activity remains close to that peak. An expansion at Saudi Arabia's Shaybah field should add 250,000 barrels a day as early as June, while the Khurais field could contribute another 300,000 barrels by the end of 2017. State-owned Saudi Aramco says this will let it ease pumping from older fields yet maintain a production capacity of more than 12 million barrels per day, 2 million barrels above its current rate.

For Kuwait and the U.A.E., the goals are even higher.

Kuwait plans to raise production capacity by 5 percent from 3 million barrels a day by the third quarter, and to reach 4 million barrels by 2020. Abu Dhabi means to lift production capacity to 3.5 million barrels a day by 2017 from about 3 million."