Some seem to think that Peak Oil claims we will run out of oil. It doesn't though. It does claim that producing oil will get more expensive as worldwide demand increases.
Did Iran actually discover a 40 billion barrel oilfield last year? Maybe they did, but that adds only 10% to the ME reserves.
I fully agree that oil and it's products will become increasingly expensive.
China is exploding with industrial development, and it's only just begun.
The world oil market can handle those demands when the infrastructure is set up to do so, but the building of that infrastructure takes time and lots of money. Those costs will be borne by the consumers all over the world.
Predicting reserves is the job of reservoir engineers, and they'll be the first to tell you that a lot of witch doctoring is involved in any projection of size.
There was a large reserve discovered in Iran, but I don't remember the size.
When I look at reserve figures I class them in a relative sense rather than as a finite figure.