Nigeria budget now screwed due to lower oil prices
In my original post, "1928" is a typo and should read "1982".
Any oil producing nation has no choice but to spend money to maintain or increase production unless they want to go back to selling bananas or flying carpets. Once depleted, whenever that may be, the Arctic Circle will easily take their place. Ask anyone who works in exploration and development for any company which has a presence on the North Slope how much oil there is there.