It doesn't matter what they predicted; global oil production likely peaked in the last few years and no amount of wishful thinking is going to make more of it suddenly appear. Almost nobody in the industry seriously believes that production will increase in the medium to long-term; a lot of people don't even believe a short-term increase is possible. Falling production, rising demand and the lack of effective substitutes are all driving up prices. Over the next 10-20 years there is just no foreseeable means of reversing _any_ of these trends.